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Finance Minister Nirmala Sitharaman on Monday, 1 February 2021, presented the Union Budget 2021-2022.
Sitharam in her 110 minutes speech (much lower than 160 minutes last year) detailed the focus of the budget in a Covid-19 hit economy. The budget focused on six pillars, including health and well being, physical and financial capital and Infrastructure, Agriculture, Human capital, Innovation and R&D and Minimum government, max governance.
By and large, the reaction to this year’s budget was positive when it comes to India Inc.
Also read: The Finance Bill, 2021
Here’s how India Inc reacted to Budget 2021 on social media:
“In a time of unprecedented economic stress, the Govt’s responsibility was to spend enough to revive the economy or else face enormous human suffering. So I had one expectation from this budget: that we should be very liberal in terms of the targeted fiscal deficit. Box ticked,” tweeted Mahindra Group Chairman Anand Mahindra.
Referencing the FM’s mention of therecent historic India vs Australia test series in her budget speech, Harsh Goenka, Chairman, RPG Enterprises tweeted, “Combination of Pujara & Pant innings - consistency and flamboyance! Steady focus on infra, commercial laws, ease of business with big shots of monetising PSU assets, new divestments, insurance FDI. India won in Australia. Now India shall rise above in new world order! #Budget2021.”
“A Budget for growth with next-gen reforms. Focus on healthcare, infra, financial sector. A stable tax regime, higher borrowings for capex. Specific reforms: disinvestment & monetization, opening up of insurance, cleanup plan for stressed assets. Sign of a self confident India,” tweeted Uday Kotak, CEO, Kotak Mahindra Bank.
The Budget also received a positive response from the start-up community owing to start-up focused initiatives and social security benefits for gig workers.
Also read: Budget gives much needed boost to Agri start-ups
“The Budget 2021 holds out various positives for the start-up sector. The move towards providing social security benefits for gig workers will add a much-needed safety net that will help this sector grow in a sustainable way and help the many millions that are a part of it,” wrote Kunal Bahl, CEO & Co-founder of Snapdeal.
“Reducing residency requirements for founders will allow talent to flow & will boost the start-up ecosystem. Extension of tax holiday for start-ups by 1 yr, boost to digital payments, increasing threshold for small businesses to ₹2 Cr are other gains for the startup sector,” Bahl wrote.
“On the broader economic development front, there are many positives around an aggressive growth driven approach with sizeable investments in healthcare and infrastructure. Overall a budget that enables the economy to play on the front foot. Exciting times ahead for [India],” added Bahl.
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