Post-Budget views from Fin-Tech, Technology, MSME, Auto, and Start-Up sector

Fin-Tech (Start-Up)
Mr. Sachin Mittal CEO & Founder, Loanwalle.com said, “In the recently proposed Union Budget 2020, the Government’s focus on entrepreneurship for startup businesses is commendable, as that will generate more job opportunities in our country. Speaking on the financial side, the Government emphasised on more liquidity flow within NBFCs which will help boost the current slopping NBFC and private lending sector. Further, it will allow increased lending opportunities with greater ease. We applaud the new announcement by the FM where NBFCs having turnover of INR 100 crore will now be eligible for SARFAESI (The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act). While earlier, only companies with a turnover of INR 500 crore were eligible to recover their debts by selling properties of the defaulters, going forward, the new Budget announcement will allow smaller companies as well to recover their debts. This will further offer more capital flow in the market.”

AUTO

Mr. Ayyushman Mehta, Managing Director, Mavox Helmets – Sandhar Amkin Industries (P) Ltd said, “The second budget by Finance Minister, Nirmala Sitharaman catered mostly to the demand side of the economy. By putting in more money in the hands of the individuals, Hon’ble Finance Minister’s take on abolishing the Dividend Distribution Tax (DDT) is surely a tax relief for the middle class and lower-middle-class segments, while on the corporate side it is highly positive for all consumption-linked Auto sector companies, and the overall market. The simplification of the tax regime is sure to improve public sentiment and boost the economy. This budget is likely to revive our country’s economic growth and create new job opportunities.”

Technology

Mr. Satish Gupta, Executive Director, JK Technosoft Ltd. said, “In the era of globalization, the Union Budget 2020 focused deeply on ‘Aspirational India’ and ‘Digital Revolution’ with emphasis on evolving the economy digitally by skilling India and increasing job opportunities in the budding as well as cross-cutting fields of Data Analytics, Artificial Intelligence (AI) Robotics and Machine Learning (ML). The Government also announced building of data centre parks throughout the country along with allocation of INR 8,000 crore to set up for the National Mission on Quantum Computing and Technology. Furthermore, the use of AI in ‘Ayushman Bharat’ Yojana, will help in developing the healthcare industry using advanced technology such as AI and other enterprise solutions, thereby achieving seamless delivery of services. We also applaud the Government’s move to empower Rural India by helping 20 lakh farmers set up standalone solar pumps and 15 lakh solarise grid-connected pump sets.”

Civic-Technology
Mr. Amarsh Chaturvedi, Co-Founder & Director, Transerve Technologies Pvt. Ltd. said, “The Government’s vision of ‘Vibrant India’ bought in immense focus on ‘Digital Governance’ that is likely to bring in a paradigm shift in the overall economy. We are delighted to hear that the Government ULB’s (Urban Local Bodies) internship opportunities for civic-welfare programs will help in increasing job opportunities and in turn Skilling the Indian Youth.”

Mr. Ashwani Rawat, Co-Founder & Director, Transerve Technologies Pvt. Ltd. said, “We commend the Government’s announcement of proposed budget allocation in setting up 5 new Smart Cities under PPP model and further extend our support to this initiative. While the Government proposed to expand the horizon of ongoing ‘Swachh Bharat Mission’ in order to undertake sustainable solid waste management harnessing latest technology in every village, we further hope that this initiative highlighted by the FM would be extended to urban areas as well.”

Event-Tech (Start-Up)

Ms. Ruchi Garg, CEO, Co-Founder, Venuelook, an online marketplace for venue booking and event planning said,“The full-fledged 2020 budget is commendable as it has all the right points for the Indian economy to be a game changer in the year ahead. With emphasis on ‘entrepreneurship’ and ‘startups,’ we are glad the Government has opened a path to creating more job opportunities in the country. Furthermore, more regime in technology will help startups and the private sector to reach Tier I and Tier II cities, as it will give more opportunities to young talents. Observing the proposed mission-vision on women centric developments and targets to boost the Indian economy, this budget will motivate many women to come forward and embrace women entrepreneurship in India.”

MSME

Commenting on Post Budget 2020 announcement made today Mr. Vinay Jain, Founder and CEO, Grafdoer said, “We appreciate the Government’s focus on sanitation industry under Swachh Bharat Abhiyan campaign committing to Open Defecation Free Country by allocating INR 12,300 crore. This is an exceptional move towards the development of our nation. The Government’s emphasis on supporting the MSME sector by providing employment opportunities and providing  a subordinate debt by banks is a much appreciated move. We are positive about the Government’s focus on boosting the domestic manufacturing sector, as that will further boost Made In India. Also, the reduction in the Income Tax Slab has given a relief to the middle class sector of our Society, as it will increase their buying power and boost the market.”