Union Budget reactions from Mr. Kamlesh Patel, Asian Granito, Mr. Nrupesh Shah, Symphony Ltd, Mr. Dharmik Patel, Startup Founder, SatvaRas 

New Delhi, July 06, 2019: 

Mr. Kamlesh Patel, Chairman and Managing Director, Asian Granito India Ltd

“FM move to increase Basic customs duty on tile and ceramic products to 15% from existing 10% will safeguard the domestic ceramic tile industry from the cheap imports and will strengthen the domestic industry. Tax reforms and tax simplification measures especially moving to electronic invoice system from January 2020 will significantly reduce the compliance issues.

Enhanced interest deduction upto Rs. 3.5 lakh for purchase of affordable house will  translate into a benefit of around 7 lakh to the middle class home-buyers and help in achieving ‘Housing for All’. Indian Ceramic industry would aim for a green and environment complaint industry and will continue to play an important role in the economic growth in the future and aim for global leadership in the industry and success of ‘Make in India’. ”

   CA Nrupesh Shah, Executive Director, Symphony Ltd, Founder of Nrups Consultants LLP

“In one sentence, Union Budget has missed Golden opportunity to boost job creation, boosting slowdown of economy and consumption. Only nominal steps announced to tackle likely bombshell of NBFC sector and real estate sector. It will lead to major negatives, unless both sectors are back to normal health. Radical and transformative specific measures to take economy to US $ 5 trillion are missing.  Budget is also negative for capital markets too.

Unrealistic and ambitious target for revenue mobilisation and fiscal deficit. National education policy will lead to semi nationalization of education institutes and will certainly not lead to improvement in education quality. Positive intentions expressed, but without specifics on spend on infrastructure, railway station modernization and streamlining labour laws. Some initiatives to encourage start ups and ease of income tax scrutiny assessments.”

Dharmik Patel, Startup Founder, SatvaRas

“As a health food start-up SatvaRas welcomes steps taken by government in this budget. It will help current or upcoming start-up to grow rapidly because ease of investment proposed in this budget. From the overall budget presented it seems that now India will be soon become preferred destination for new start-up.  Start-up ecosystem will become very strong in coming days and will nurture fresh and new ideas executed by next generation. Even 5 Lacs income tax free slab is a good move from government.” 

Mr. Manan Choksi, Executive Director, Udgam School for Children on Education sector.

Commenting on the budget, Manan Choksi, Executive Director, Udgam School for Children said “The Union Budget was very innovating and out-of-the box. Mention of New Education Policy in the budget means that education of School and College is acknowledged by the Ho’ble Finance Minister and steps towards its implementation will be supported by the entire Cabinet and not just MHRD. The aim of getting foreign students study in India is laudable. The “Study in India” initiative is first of its kind and I am sure that about $7 billion annually spent by Indian Parents for foreign education of their children will get substantially reduced if World Class Institutions are brought in India. The proposal of “Social Stock Exchange” is very interesting as it will be regulated by SEBI and social welfare schemes will be regulated. Much of these funds will go to much needed sectors like Healthcare and Education” he added.”

Mr. Jignesh Madhwani, Promoter & Partner, Torin Wealth Management

“The newly appointed Finance Minister positively surprised the debt markets by reducing the fiscal deficit target from 3.4% as laid down in the Interim Budget to 3.3%. Gross borrowing, Net borrowing, switches and buybacks have been retained as given in the Interim Budget which is a relief. The mention of sovereign bond issuance in foreign currency as a diversification and to alleviate demand pressures domestically also aided in the rally today in gilt and bond prices. The overall environment remains benign with subdued headline and core inflation, falling global bonds yields, dovish global central banks and ample banking system liquidity.”

Corporate Comm India (CCI Newswire)