Union Finance Minister Piyush Goyal outlined the government’s proposed vision for 2030, provided sops for middle-class tax payers and announced an annual dole for small farmers. Although the govt has given major push to digitization, but very little has been announced for traders community. Nivedan Prakash of CRN finds out from key IT channel partners about their thoughts on this budget.
Here are the reactions for the interim budget:
It’s seems to be more modest, farm sector benefited, Rise in Rural sector spending , More tax benefit and sops for middle class. Fiscal deficit may slip. No any major boost for computer hardware industry either in Make in India or Custom. Overall well control budget.
Ratnesh Rathi, CEO, Green IT Recycling
Overall union budget 2019 is pro-growth as increase in funds’ allocation to skilling initiatives and enable the faster rollout of schemes will enhance the ease of doing business. India is seeing rapid adoption of technology within the government, businesses and among its people. The announcement of a National Centre on Artificial Intelligence is also a big positive step endorsing government Vision 2030 of Digital India reaching every citizen is a very bold one. Exemption and reduction in individual tax slab is great step toward financial inclusion.
Jitesh T. Dave, Director- Systech Technocraft Services
Smart Visionary budget presented today by Union Finance Minister Piyush Goyal in Lok Sabha. More beneficial towards middle class tax payers, farmers, MSME & unorganised sector. The fiscal deficit target for this year and next year is as per expectation.The focus on rural and startup is a long term impact work.
Ajay Sawant, CEO, Orient Technologies
Announcement of budget for MSME and Startups are welcome. Removing Taxes on loans and angel investment will be largely beneficial to expand business and generate more jobs.
Rahul Meher, Director, Leon Computers
As expected Budget 2019 is a Josh Budget! High on all aspects.Extraordinary news for our IT industry is increase spending on Digital India initiatives and huge investment in Infrastructure. For all other industries and corporate there were many initiatives taken in all previous budgets and implemented; including MSME.
R S Shanbhag, CMD, Value Point Group
This is a constructive budget with benefits to farmers and salaried. No big announcement or change for small medium businesses. Digital villages and other digital India schemes may bring boost in IT business.
Gurpreet Singh, CEO, Arrow PC Networks
Allocation of Rs.6600 crores towards Smart Cities vision is a welcome move but the challenge remains in implementation by the cities for the amount they have been given to spend. Immense emphasis on Digital India and AI in technology push and setting up National center for AI is a step in the right direction. This will help companies with focus on AI. The Budget acknowledges the pivotal role of digital technology in India’s evolution to a five-trillion dollar economy over the next five years. Overall a people focused budget.
Allied Digital, CMD, Nitin Shah
The one thing that stood out in the Budget is the putting up of the Vision 2030. While there are no details available as yet in terms of the implementation of this vision the fact that the government is thinking long term is well appreciated. The focus on the Digitisation will go a long way in improving the social and economic fabric of the country – be it creation of jobs, uplifting the lower end of the society reducing the income gap and many more. The announcing of the 5 Lakh Digital Villages is really welcome. It will go a long way to leverage the benefits of technology right up to the grass root level. Especially in a country like India which has always been challenged from a penetration of technology this will be a big boost.
Prashanth G J, CEO at TechnoBind
Despite being an election year, it’s good to see Government allocating money where its required – farmers, middle class families, pension scheme for unorganized sector, more allocation to health, education and defense. Despite missing out on Fiscal deficit target for current as well as next fiscal, the FM took rating agency and investors in to confidence by explaining the need for supporting farmers which was well received as seen by the market reaction.
Krishna Raj Sharma, Director & CEO at iValue InfoSolutions
“It’s a budget with many sections of the society being the beneficiaries. It is specially a poor and middle class centric budget as it increases the money in these households. This can trigger consumption and lead to further growth. Phasing out human intervention in tax returns, verification and scrutiny is a good initiative which can help reduce corruption. Overall, it is a good budget.”
Rajendra Chitale, CFO at Crayon Software Experts India Private Limited
This budget is promising and forward looking. Being a global citizen, I find that the income exemption limit increase to 5 lakh is promising besides moving to complete digitization of assessments in the next couple of years. Also having the ability to process returns in 24 hours is like India has arrived. Abolition of customs duty on the 36 capital goods makes it a level playing field for global players to compete in this space which means consumers at large will have an excellent choice making “Make in India” truly competitive. Exempt on tax for the second self occupied house coupled with GST reduction for home buyers will make this an investment paradise from all our NRI’s too.”
Mohan Rajamani, CEO, Cache Technologies & Communications
“I see the actual budget is expected after May 2019 , the Interim one is fixing the stop gaps.”
Muneer Ahamed, MD, DigitalTrack Solutions
The budget seems to be extremely pro people and has been structured to benefit a large section of the common man, including people from very low income segments.
Chetan Shah, CEO, Xpress Computer
“Budget seems to be good but nothing for Make in India, industry revolution is required to create jobs.”
Champak Raj Gurjar, MD, Maxtone Electronics
It is an election budget to influence the middle class and farmers as expected but lacks direction and roadmap to ensure employment MSME and Entrepreneurship. Welcome move for lower middle class and middle class peoples. Even direct benefit announced for farmers/unorganised sectors employees is almost negligible. In lieu free Education, Health & social security was expected in this New India Mission growth.
P K Sinha, CEO, Astric Group of Companies
Very futuristic budget as a whole taking care of everyone.
Alok Gupta, MD, Unistal
This is a populist budget being election year with lot reliefs to middle class and rural sector, not much direct impact for industrial sector. Hope the savings of middle class gets channelized well rather getting spent on white goods. Emphasis on digitalisation, increase in defence spend etc will have positive impact on our IT industry.
Deepak Jadhav, Director, VDA Infosolutions