India’s first full-time female finance minister, Nirmala Sitharaman, has presented her maiden annual budget.
Modi 2.0 has set a target of growing India into a $5 trillion economy by 2024/2025 from $2.7 trillion that a government report on Thursday said will be done on the back of higher investment, savings and exports in the way China’s growth was propelled.
“The Indian economy will grow to become a $3 trillion economy in the current year. It is now the sixth largest in the world. Five years ago, it was at the 11th position. In Purchasing Power Parity terms, we are in fact, the third largest economy already, only next to China and the USA,” the finance minister said.
Indian expat businessmen and professionals welcomed the budget 2019-20.
Yusuffali MA, chairman of Lulu Group, said: As expected, the first budget of Modi 2.0 Govt. has efficiently covered almost all critical sectors which will boost India’s march towards becoming a US$ 5 trillion economy.
The key take-aways for me in this maiden budget by Nirmala Sitharaman are the emphasis given to rural and agricultural development, women entrepreneurship and making India the global education hub of excellence. India’s biggest asset has always been our young human resource and the measures taken in the fields of research & education will surely go a long way in boosting start-ups in various fields and across all economic segments.
On the infrastructure side, the plan to revitalise the railways, the back bone of our internal trade is highly encouraging. I have always been a big advocate of PPP model of development and investments in the infrastructure sector, so obviously it’s heartening to note that the government is promoting this model. Surely many organisations will come forward to be a part of this opportunity, to spur faster growth.
Dr. B.R. Shetty, founder and chairman, NMC healthcare, said: It is the dawn of new India. I would like to congratulate Prime Minister Narendra Modi and the energetic Finance Minister of India, Nirmala Sitaraman for the remarkable vision. I am pretty sure this budget will take the Indian growth story to a different level.
The time has come for NRIs to easily do business in lndia. There is great opportunity in health sector, agriculture, education and technology, aviation sector, infrastructure among others. Needless to say with modernisation of health care industry and education, these will boost sectors like kidney transplant, tissue culture, stem cell technology.
Kamal Vachani, Group Director, Al Maya Group, said: Significant point is that corporate tax reduced to 25% for companies with turnover up to Rs 400 crores. This covers more than 90% of companies. Also, big relief home buyers who have taken the loan.
Aadhar cards will be issued for Indians travelling without six months waiting period is a greatly welcome step. Easing of media and aviation is a welcome step as this will bring more investments
Dr Azad Moopen , Founder Chairman and Managing Director, Aster DM Healthcare, said: It is very good to hear that we are striving to become a $ 5 Trillion economy soon. This will place India on the world centre stage. However, regarding NRIs and Healthcare sector, there is not much to sing about. It is good to know that NRIs shall be allowed to take Aadhar Card. This will help them to sort out many issues that they face now for identity and transacting business while in India.
There has been no significant announcements pertaining to healthcare in the union budget. While there was hope that the allocation for the health sector in view of the requirement for funding the Ayushman Bharath, this has not been allocated. It is good that the focus is in education and I hope that there will be more funding for starting and upgrading medical colleges. There is also a proposal for “Study in India” program which will help in setting up autonomous institutions.
Rizwan Sajan, founder and chairman, Danube Group, said: Aadhar card on arrival for NRIs is a game changer. The Aadhar card is pretty much the most important card for an Indian. It is a big news for us. We just need to carry our Aadhar card now instead of our passport in India. It’s great. The other big news from the budget is that there will be no more digital payment charges. This is a huge saving for corporates working. The other good news is the corporate tax reduction from 30 per cent to 25 percent for companies earning less than 400 crores which is also a game changer.
For the record, 90 percent of companies in India fall under this bracket. This will encourage businessmen to pay their taxes. This should have been done before. I also think this should be brought into effect across all companies in India irrespective of their turnover as this will further encourage employment.
Ram Buxani, Chairman, ITL-Cosmos group, said: India’s first woman Finance Minister in her maiden budget has proved women manage money better! For years, Indian parents have spent billions of dollars educating their children abroad. Now, on Indian soil, education will be on focus and this is great development. India budget 2019 has focussed on inclusive growth. It is pro rural schemes and therefore a pro development budget. There is focus on agricultural investment which is very important. Super rich will have to share fortune more liberally with the exchequer. Indeed a well thought budget.
Paras Shahdadpuri, chairman, Nikai Group of Companies and President of Business Leaders, said: “Modi 2.0 first budget is Politico-socio-economic budget covering the entire spectrum of NDA’s manifesto promises, bringing together woman power representing 48 per cent of the population and building foundation for US$ 5 trillion economy in next five to six years. India is a complex country, and every year, Finance Minister has to walk on tight rope balancing the spends on the economically weaker and underprivileged huge population of India to feeding the appetite of the industry for economic growth to keeping the vote bank happy.
The Finance Minister has done a good job in promoting rural India which can generate new jobs while releasing the pressures on urban cities by announcing GAON GARIB & KISHAN schemes; by promising power and gas to every single household by 2022 and by handing over 20 million rural homes; by building 100 million toilets making India free from open defecation. Pension to 35 million with turnover of Rs. 15m.