The Union Budget 2015-16 is more like a vision document and focused on job-creators, according to Safir Adeni, President of The Indus Entrepreneurs (TiE), Hyderabad.
He was speaking at a Budget Talk organised by the BusinessLine in association with ICBM-School of Business Excellence at the Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry here on Tuesday.
"This is very important as job-creators not only to create job for themselves but also for others," he said, adding that there were many opportunities for start-ups in new areas such as Internet of Things (IoT) and e-commerce. For high growth, innovation-led businesses were required.
The Budget, however, was not encouraging to the start-up community as there was mention of Rs 10,000 crore fund announced in the previous budget, Adeni added.
Increase in service tax will adversely impact corporate, particularly start-ups, technology firms and e-commerce firms.
Agreeing that the budget was more like a policy statement, M M Sreeram, Managing Director, Scarlet Industries Pvt Ltd, said global investors were keen on investing in the manufacturing sector in India.
"There is big opportunity in the manufacturing sector in food-processing, automobile, defence, aerospace and consumer products, among others and everyone should take advantage of it," he said. The challenges, however, are skill gaps, lack of supply chain mechanism, infrastructure and credit.
Issues such as broader policy framework a suitable ecosystem to ensure ease in business should be put in place to achieve the dream of 'Make in India', he added.
Terming the budget as "progressive, futuristic and dynamic'', economist B Yerram Raju said it would help bring foreign direct investment to India.
The focus on infrastructure, improving public private partnerships and other allocations were "pragmatic''. It also aimed at providing housing, health and education to all.
Referring to the growth dynamics of Indian economy, Raju said it was also important to revive growth in manufacturing and agricultural sectors moving away from excessive dependence on the services sector.
S Zarar, Principal, ICBM School of Business Excellence, said the budget would take Indian economy and people forward. "The young population and budding managers should focus on the digital opportunity,’’ he added.
M Somasekhar, Chief of Bureau, BusinessLine , Hyderabad who presided over, said the budget had evoked huge interest and was dubbed as "super or dream budget''.
P Ranga Reddy, Regional General Manager, The Hindu gave away mementoes to the speakers. Students from about seven colleges attended the meeting.