Industry leaders hail Union Budget as roadmap of Viksit Bharat

The industry leaders said that the continued capital expenditure-led growth, like spending on infrastructure, and housing will spur growth. The industry leaders further added that the budget also provides some degree of demand stimulus by giving certain tax reliefs, particularly the middle class in personal income tax balancing which will balance the economic system in the economy.

Going ahead, industry leaders also hailed the Union budget for its emphasis on domestic capacity creation, greater incentivisation, and job creation.

Expressing his initial thoughts on the budget, Harsh Pati Singhania, Chairman and Managing Director of JK Paper Ltd and Director of JK Organisation said, "There is also an emphasis on domestic capacity creation and greater incentivisation on that. The job creation part is very important and therefore some of the schemes that the government has come out with in terms of trying to create financial incentives for first-time employees, also bringing in employers and doing this through a direct benefit transfer for the new employees. So those are all very well and they are quite interesting because it's really not been done at this scale before."

"The budget tries to focus also on immediate measures along with a long-term build-up of things that will unfold for the growth of our economy, which we want to grow at 7.5 per cent to 8 per cent. So I think it's a good budget," he further added.

Rajan Bharti Mittal, the Vice Chairman and Managing Director of Bharti Enterprises said that the union budget was a comprehensive budget as the Finance Minister spoke about women empowerment, agriculture, Ministry of Micro, Small and Medium Enterprises (MSMEs) which will help in boosting the manufacturing activities in the country.

"On manufacturing the PLA schemes have been already put in place. The announcements made in the budget will boost the electronic manufacturing in India which is taking shape, Mittal said.

He said there is a need to strengthen the manufacturing base in the country. And with these announcements, the country will move in the right direction. He also hailed the announcements related to skilling and job generation.

The Finance Minister announced that the government will implement 3 schemes for 'Employment Linked Incentive', as part of the Prime Minister's package. These will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to employees and employers.

Mittal reacting to the increment in the capital gain tax said, "I think there are some concessions in the tax which have been given. The government also has to raise the taxation from the other sources."

The Finance Minister announced an increase in both long-term and short-term capital gains tax.

As per definition, any profit or gain that arises from the sale of a 'capital asset' is a capital gain.

Sitharaman announced that short-term capital gains on "specified" financial assets will henceforth attract a tax rate of 20 per cent instead of 15 per cent. While all other financial assets and non-financial assets shall continue to attract the "applicable tax rate".Long-term gains on all financial and non-financial assets will attract a tax rate of 12.5 per cent instead of 10.0 per cent.

Reacting over the budget announcements to insentivise manufacturing and skilling, Manish Sharma, Chair, FICCI Electronics and White Goods Manufacturing Committee, and Chairman, Panasonic Life Solutions India & South Asia, said," In the last few years we have seen the government taking the structured approach anbling the growth oriented environment for various sectors such as agriculture infrastructure and digital sectors, skilling manufacturing among others. It is good to see the government has taken this structured approach."

Dr Harsh Mahajan, Chair of the FICCI Health Services Committee and founder and chief radiologist of Mahajan Imaging and Labs, said this is a budget of continuity and inclusivity. He also applauded the government for removing the Angel Tax saying that it will help the healthcare startups in the country's startup ecosystem. He hailed the move of the government for giving greater emphasis to the manufacturing and employment incentives.

The Finance Minister announced that the government will implement 3 schemes for 'Employment Linked Incentive', as part of the Prime Minister's package. These will be based on enrolment in the EPFO, and focus on recognition of first-time employees, and support to employees and employers.