Union Budget 2021: How heads of technology companies in India rate it

Vivek Sharma, MD, India, Lenovo Information Middle Group
This can be a pro-growth, pro-technology funds with a imaginative and prescient to disinvest the place required and re-energize infrastructure, healthcare, banking, and agriculture sectors by means of quite a few employment and capital producing reforms. There's a sturdy deal with Digital India be it by means of setting a fintech hub at GIFT metropolis, enhancing digital funds and use of AI, ML and so on in governance, or making tax appellates faceless and tech enabled – all present a stable basis for a ahead wanting data-economy.
Prakash Mallya, Vice President and Managing Director, Intel India
At a time of nice uncertainty, the primary ever paperless Union Funds 2021 stood out for its unremitting deal with financial restoration by means of greater spending and inclusive development alternatives. The allocation of Rs. 50,000 crores over the following 5 years by means of the Nationwide Analysis Basis to develop India’s potential as a world innovation hub is especially thrilling. This can undoubtedly present larger impetus to the Indian innovation story and cement our place on the worldwide map of main economies. At Intel, we're steadfast in our dedication to partnering with the Indian authorities on this journey of know-how fueled innovation and development. The Funds’s elaborate deal with creating healthcare infrastructure can also be very encouraging. Know-how might be a key enabler for constructing a strong healthcare ecosystem that may guarantee common entry to top quality and personalised medical assets throughout the nation. The previous yr has additionally refocused efforts on a digital-first mindset to allow larger entry to schooling, assist academic planning and instructing, and elevate studying outcomes. The proposed Nationwide Digital Instructional Structure (NDEAR) along with on-line modules for schooling and provisions for digital coaching for lecturers are welcome steps in the direction of making certain high quality schooling for all. The opposite factor that stood out within the Funds was the foremost push to revive and drive development for the MSME sector. Doubling the budgetary allocation for this significant sector, coupled with lowering margin cash necessities for startups and selling ease of enterprise for international buyers will assist this sector develop additional. It's evident that the federal government is banking on India’s digital know-how basis to energy its revival journey. It's encouraging to see the federal government’s sharpened deal with adoption of innovative applied sciences like Synthetic Intelligence and Machine Studying. We're excited to see the way forward for Indian innovation and financial resurgence unfold over the following few months. And we sit up for persevering with to associate with the federal government to develop revolutionary know-how options that may assist the nation’s development goals, generate employment and strengthen India’s digital innovation capabilities.
Ketan Patel, Managing Director, HP India Market
As we speak’s funds announcement confirms authorities’s deal with creating infrastructure and abilities which may have brief and long run advantages to Indian economic system & folks. From a know-how perspective, the incentives for creating digital infrastructure, schooling and skilling spells out the federal government’s intent on creating the nation’s human capital. Steps like worldwide collaboration to develop new abilities will assist Indian youth put together for contemporary job necessities and make them world prepared. The announcement of the Nationwide Digital Instructional Structure (NDEAR) is a welcome step, which is able to assist construct a Digital First mindset in your complete schooling system in India and assist college students and educators undertake new methods of studying and instructing. As well as, we welcome the doubled allocation for MSME sector which is able to incentivise digital transformation of our small companies which might be the spine of our economic system.
Rahul Agarwal, CEO & Managing Director, Lenovo India
The six pillars of the Union Funds 2021 add huge worth to the financial reduction publish the pandemic points and paint a futuristic image for the brand new yr. It has managed to handle a few of the key points round Atmanirbhar Bharat, schooling and Digital India that presents vital enterprise alternatives for world corporates comparable to Lenovo. With the PLI scheme introduced together with the elevated deal with ‘Make in India’ on this funds, we're assured that it'll encourage native manufacturing, and additional bolster the native PC market. Lenovo will even assist the federal government in enriching India’s economic system, by boosting digital infrastructure within the area of schooling and extra deal with selling inclusive improvement. The nationwide schooling coverage additionally creates a chance to construct the Indian EdTech ecosystem to make it finest throughout the globe for analysis & innovation, and empowers the residents to scale up their abilities.
Manish Sharma, President & CEO, Panasonic India & SA
The Funds offered by the Honorable FM within the background of 5 mini budgets is continuum of reformative measures to spice up the economic system to drive – Job, Demand and Spending. I imagine the methodical method of figuring out six focus areas the place Well being and Infrastructure, with vital incre ase in allocations, sit on the highest is in the suitable path to revitalize the economic system and spend money on well-being of individuals. For producers, Govt re-iterated its dedication to reforms like introduction of Manufacturing Linked Incentive (PLI) scheme with a funds outlay of Rs 1.97 lakh crores throughout 13 sectors which reaffirms their intent to offer impetus to home manufacturing, whereas elevating India’s place as a world manufacturing champion. We sit up for implementation particulars right here to take part. The elevated spending on infrastructure to enhance roads and public transport can also be a optimistic transfer and can present easy accessibility to uncooked materials.
Mike Chen, Common Supervisor, TCL India
We do welcome the latest PLI scheme of the federal government. Nevertheless, we have to ease up the responsibility imposed on uncooked supplies holding in thoughts the make in India thought. We must also be getting added incentives in order that transformative measures might be taken. The business contributes 25% of the nation’s GDP.
Avneet Singh Marwah, Director and CEO of Tremendous Plastronics Pvt Ltd, a model licensee for Kodak and Thomson TVs
Authorities intends to spice up native manufacturing by means of its bulletins in varied PLI scheme in subsequent 5 years. As a part of client electronics, televisions must be thought of to be included into the scheme. Additionally a devoted Freight Hall might be a sport changer for provide chain of producing. By spending on infrastructure, India might be aggressive at world stage. Like metals, authorities ought to contemplate taking again customs responsibility on panels as there may be improve of costs by 300% on the uncooked supplies.
Rajeev Singh, Managing Director, BenQ India
A really vital funds as India is popping out quick from results of COVID 19, Authorities has given sturdy emphasis on spending on Infrastructure together with massive push for Atmanirbhar Bharat. Alongside, there is no such thing as a change in direct taxes largely which have been moderated for corporations final time. This can imply extra money within the system and can act positively in the direction of sooner development of economic system. Authorities has additionally given further push to schooling and talent improvement phase within the funds which is able to lead to intensive use of know-how which in flip will toughen digital classroom and Blended and Hybrid Studying.
Supria Dhanda, Vice President and Nation Supervisor for India, Western Digital
We congratulate the Authorities’s initiative in amplifying Atmanirbhar Bharat. Splendidly captured by our Finance Minister, Atmanirbhar Bharat is an expression of 130 crores Indians who've full confidence of their capabilities and abilities. Digitisation, Ability Growth and Job Creation are mandatory to guide India in the direction of excessive development and be self-reliant. With fast digitisation throughout industries during the last yr, it's an opportune time to reinforce our spending in coaching imparting digital abilities to the youth. The funds clearly prioritises job creation and rural improvement with beneficiant allocations for varied developmental schemes. The main focus round Nationwide Apprenticeship Coaching Scheme (NATS) with an allocation of INR 3,000 crores will empower a brand new wave of expertise transformation and sufficient employability alternatives for the Indian youth.
Alok Dubey, Chief Finance Officer, Acer India
At Acer, we imagine that the Union Funds 2021 announcement has coated a number of necessary points confronted by the economic system and goes to deliver development alternatives regardless of the COVID-19 pandemic. There are a number of areas the place the honourable Finance Minister has introduced allocations of funds. This yr the federal government goals to spend Rs 1.97 lakh crore on varied PLI schemes over the following 5 years, beginning this fiscal. That is along with the Rs 40,951 crore introduced for the PLI for digital manufacturing schemes which is able to speed up development alternatives for the business. And, we glance ahead to a whole coverage and leveraging the identical to kickstart home manufacturing.
Dinesh Aggarwal, Joint Managing Director, Panasonic Life Options India Pvt Ltd
As was anticipated, the Union Funds 2021 has targeted on our nation’s development and brings a really optimistic sentiment to facilitate the financial reset. Whereas on one hand there's a beneficiant allocation in the direction of the continued struggle towards COVID and the vaccination drive; on the opposite facet, there's a clear goal of reviving India’s GDP development throughout all sectors, i.e. agriculture, manufacturing, and providers. This was seen within the main fiscal assist introduced for Farm produce, the PLI scheme of 1.95 Lac crores over 5 years, for enhancing manufacturing and the opening of FDI within the Insurance coverage business as much as 74%. Reflecting on the continued deal with ‘AtmaNirbhar Bharat’, the Finance Minister has introduced prolonged assist for the manufacturing of digital elements & sub-assemblies, together with cellphones. The general public infrastructure has received a robust increase with particular allocation for NHAI for continued vigour on freeway development and enchancment of the roads; with particular funds allocation for a few of the states, together with Assam. REIT might be vastly inspired as a result of abolition of dividend distribution tax and, this can speed up the true property development, particularly since debt financing by FII has been allowed now. This long-awaited concession will steamroll world funding into India’s actual property sector resulting in a big increase in Housing and Industrial infrastructure. Particularly for the Electrical Building Supplies business, discount of import duties on metal flats & copper scrap, long-awaited revision within the labor legal guidelines (together with girls being allowed to work in night time shifts) are a few of the vital steps that can create a robust export-led economic system within the Manufacturing sector. With particular sops in renewable power, particularly for Photo voltaic; the federal government goals to encourage home manufacturing by making certain a uniform coverage throughout the states. Thus, power era & home Photo voltaic module capability will basically stay a key space of focus. One anticipated related encouragement for EV adoption in India, however maybe it was not overtly talked about within the FM’s funds speech. Specializing in rebuilding India, this can be a very optimistic funds for the business because the PLI scheme will speed up development and encourage world manufacturing corporations to create large-scale employment in manufacturing and allied areas like product improvement and design, contemplating the expertise pool which exists throughout India.
Sanjay Gupta, Vice President and India Nation Supervisor, NXP Semiconductors
The Union Funds 2021 has been the first-ever digital funds marking a serious milestone within the digital journey of India. The funds has put the much-needed deal with Atmanirbhar Bharat and the necessity to develop the innovation and R&D sector within the nation on a sustained foundation. We're excited in regards to the announcement of INR 50,000 crores for the Nationwide Analysis Basis over the interval of 5 years. This can absolutely increase the general analysis and innovation ecosystem of the nation. R&D is the lifeline for any group and any nation to proceed to prosper in altering dynamic instances. In India, we've to focus parallelly on ‘design-in-India’ along with ‘Make-in-India’ to proceed to be forward of the curve. Wanting ahead to having increasingly more corporations leverage this elevated R&D funds from govt and develop future researchers and Innovators. The voluntary car scrapping coverage would play a serious half in phasing out the previous and unfit autos thereby encouraging uptake in environment-friendly technique of transport like electrical autos. Total, we're hopeful that Funds 2021 will propel India within the path of changing into a world financial superpower.
Leo Joseph, Managing Director, Xerox India
As anticipated, the core wants of the economic system, popping out of a pandemic-hit yr, take prominence within the Union Funds 2021. Nevertheless, long-term, the funds focuses on the D in India – standing for each improvement and digitization. The progressive funds lays the roadmap for larger digitization in governance. A funds offered and disseminated in a digital format for the primary time to a digital census will pave the best way for the federal government to serve residents by means of know-how and knowledge extra seamlessly. The promise of ‘minimum government, maximum governance’ can solely be realized by means of larger investments in know-how and deal with larger R&D and innovation – which the funds does.”