“I would like to commend the Finance Minister for a well-balanced and realistic Union Budget 2021-22 designed to put India’s ongoing business cycle recovery on a much more solid foundation. The Budget’s high focus on public capital expenditure, relaxing fiscal deficit targets and concrete plans to support financial markets through recapitalisation of public sector banks, and an asset reconstruction company for bad loans will provide the necessary impetus to restore economic growth. While the Budget is cognizant of the country’s immediate economic needs, it also lays out a medium term vision of 3-5 years. Furthermore, the introduction of a Development Finance Institution (DFI) to fund long term projects will complement the high focus on infrastructure. With banks remaining evasivetowards long term institutional exposures, the DFI is expected to ensure availability of credit for projects with long gestation periods.”

Ajay Piramal, Chairman, Piramal Group

“The FY22 budget has been much better than the market’s expectations. The feared and anticipated measures around Covid-cess/higher capital gains tax/wealth tax etc did not materialise. This will provide a huge relief to market and economy and help in sustaining the buoyant sentiments in the economy. The government has clearly articulated the focus towards Infra and capex spending with five key measures: [1] Capex spends proposed to go up by 26% in FY22 vs. FY21 RE [2] Setting up of Development Financial Institution [3] Setting up of ARC/AMC to deal with stressed assets [4] Asset monetisation plans in various segments and [5] List of CPSE’s for divestments. We believe this will push the Capex spending in the economy and augur well for the overall economic revival of India. The significant increase in allocation to the Healthcare sector should lift the general well-being in the economy, in our view. Separately, the FM also announced several measures for relaxation of compliance and procedural burdens in multiple spheres of activities (taxation being the most prominent). The extension of tax exemption schemes in affordable housing is also welcome as it can provide a good multiplier effect on the GDP. All in all, a very good budget which avoids the pitfalls of raising taxes and at the same time provides a boost to the Capex/infra spends in the economy.”

Motilal Oswal, MD & CEO, Motilal Oswal Financial Services

"Hats off to the Finance Minister for sticking to her promise of a budget that will be remembered for 100 years. A budget with no changes in direct taxes will certainly be remembered for years to come. Equity market will be enthused with no tinkering in capital gains taxes or STT or any form of Covid tax. The proposals to privatise two PSBs and one general insurance company is noteworthy as is increase in FDI limit in Insurance to 74%. The much awaited proposal to set up a DFI should boost capex in the coming years. To summarise the revival in the economy seen in the last 4-5 months will be further enhanced with the various budget proposals. Tax buoyancy, successful divestments and quick monetisation of operating infrastructure assets remain a key to achieving the fiscal deficit target of 6.8 % for FY 21-22.”

Krishna Kumar Karwa, MD, Emkay Global Financial Services

"The duty reduction is a good initiative and a support by Govt to reduce unofficial smuggling.  It will help the sector to be more organized. The responsibility of SEBI to manage bullion exchange implementation will help in making the gem and jewelry sector more organised. It is a good initiative by the government to take care of consumers, manufacturing sector and karigars.”

Suvankar Sen, CEO, Senco Gold and Diamonds

“The government’s budget announcement has been extremely encouraging for the start-up ecosystem in India. The extended exemption on capital gains for investments will definitely make more funds available for budding entrepreneurs and growing organisations alike. Digital payments infrastructure has played a very important role in the growth of the mobile gaming industry. It is very encouraging to see the government’s efforts to strengthen digital payments through incentivisation. The Rs 1,500 crore boost will further support migration of more people towards digital payments and will have a positive impact on the mobile skill gaming industry. The incentivising of one person companies is especially heartening as it promotes the development of more game creators that will help in strengthening the gaming industry in India. The move has also allowed conversion of one-person companies to any other kind, reducing residency limit from 182 days to 120 days. India is at the cusp of creating a wave of mobile gaming unicorns, these measures only support that momentum. With these announcements acting as winds in our sails the Indian Gaming Industry can aspire to be the global hub of game development.”

Sai Srinivas, CEO, Mobile Premier League