Budget 2019: Reactions
Is Budget 2019 a missed opportunity?
The government on Friday proposed relaxation in the FDI norms for sectors such as mediaand other sectors with a view to attract more overseas investment. Finance Minister Nirmala Sitharaman in her Budget speech said that India’s FDI inflows in 2018-19 grew by 6 per cent to $ 64.37 billion.
The government on Friday proposed relaxation in the FDI norms for sectors such as media and other sectors with a view to attract more overseas investment. Finance Minister Nirmala Sitharaman in her Budget speech said that India’s FDI inflows in 2018-19 grew by 6 per cent to $ 64.37 billion.
Ashish Bhasin, CEO Greater South, Dentsu Aegis Network and Chairman & CEO India, said, “The Budget is certainly more inclusive and is focused towards providing a better lifestyle to the common man. From providing better access to toilets, better connectivity by roads and digitally, to promoting the ease of living, this year the budget actually showcases a lot of good stuff.
Bhasin further articulated that the government’s decision to examine the opening up of foreign direct investment (FDI) in media, is beneficial for the sector. “However, some of the actions of the government do seem contradictory and a letdown. The expectations from a government coming with such a majority was that they would undertake substantial reforms, stimulate growth and cut tax rates. However, they have missed the opportunity to do so and have acted contradictorily by implementing surcharge on HNI individuals. Despite everything I expect the next 10 years to be very bright for India,” he added.
Vinay Singhal, Co-Founder & CEO – WittyFeed, said, “We are welcoming the new initiative wherein the startups and investors filing returns will not be subject to the scrutiny for angel tax. The Angel Tax has emerged as one of the key issues faced by the Indian startup ecosystem. But, a lot more regarding the same needs to be addressed by the Government to boost angel investments in the country. The Minister also stated that special administrative arrangements will be made by the Central Board of Direct Taxes (CBDT) for pending assessments of startups and redressal of their grievances. This vital step will help startups ecosystems of the nation. In the Union Budget 2019, finance minister Nirmala Sitaraman announced that govt will start an exclusive television program for start-ups and as a platform for promoting startups, discussing their growth as well as funding and tax planning. This program will be run by startups themselves which will help the new and emerging entrepreneurs of tire 2 and tier 3 cities of our country.”
Singhal further added, “Through this budget, the government has more focused on ‘The Bharat’ to build 80 livelihood incubators, 20 tech incubators to help create 75,000 skilled entrepreneurs in agriculture and rural industry. Hence, this government has taken a few good steps for the growth of startups but more needs to be done to take this ecosystem for the next level.”