Mr. Richard Tan, MD & Director( ADATA Technology India Pvt Ltd) :-
Overall the budget looks to be bringing in realignment in taxes for corporates and rationalizing the tax pay-out. One aspect that strongly comes out of this budget is that in the next few months the industrial growth would be more encouraging than at the current moment. The stress toward make in India looks to be gaining and that will surely benefit the local industries.However raising the service tax is something that is definitely going to pinch the businesses.
One significant aspect that looks missing is the increase in income tax exemption limit which eventually would have much higher impact on the growth for industries. However small benefits like travel can be referred as a breather for the Income tax payer.
The biggest focus that the FM has kept is to stimulate the industrial and business growth that had been the main plank for coming to power and more over with no goodies or subsidies announced – it clearly shows government’ strength as a party having an absolute majority. Not coming out with anything substantial for the middle class in kind of any benefits is something that I feel that this budget has missed.
On a rating – I would give in a score of 6 out of 10 as though this is not a populist budget throwing in goodies like the earlier budget but clearly focusing on curbing out anomalies and bringing in a spurt in growth.
Asia Powercom
Mr. Rajiv Shah ,Director
“This is a bold and far sighted union budget which will help raise the country’s profile as an investment destination. It aims to make many structural changes that will help drive higher corporate investment on a sustainable basis. Also they include a commitment to simplify and rationalize the various taxation structures which sets a clear roadmap for the next four years. Decent balance of social reforms and growth initiatives have taken which includes ‘Make in India’, GST, Corporate tax and GST implementation which is big news. There was no big bang in budget but collectively budget has addressed total growth package by giving thrust to ‘Make in India’, GST, Gold Bonds, correcting inverted duty structure, Power generation, Education, Road and rail networking etc. Expectations were running high and there is no doubt that many will feel that this was not the defining moment for the Indian economy that they had anticipated. But overall it was a strong and structural budget with clear roadmaps to achieve the target of more than 7% economic growth in the next 3 years. Only concern with this budget was lack of sops for the middle class people.”
Ramco Systems Mr. Virender Aggarwal, CEO
The budget is pro investment, lays down tax framework very clearly and should make India a lot more attractive destination for FDI. Reduction in corporate tax to 25% over the next four years will help companies have a better visibility into fund flow and invest accordingly. Increasing the threshold limit for domestic transfer pricing to Rs.20 crores from existing Rs.5 crores is a welcome step.
Good Infrastructure is the backbone of any country and I am happy to see the budget allocating great focus on giving a solid platform to attract global investments. ‘India’ is already on the global map as one of the ‘hottest’ markets for growth. Such positive measures will give a further impetus to global companies to set up operations in India.
As a key provider of Aviation MRO software to global Aerospace and Defence sector, we are happy to see the renewed thrust placed by the government in building the Defence capability in India. Ramco Aviation Software has been serving some of the largest helicopter operators in US and Europe, many of whom are actively pursuing opportunities to enter India. The government’s schemes to boost Defence segment is a welcome move. As an indigenous software product player, we hope to play a key role in supporting global organizations in their efforts to build a ‘Make in India’ product.
I am also happy to see some initial efforts by the Government to recognize and support innovation and R&D in IT by setting aside a budget of Rs 1000crs to promote start-ups and entrepreneurship particularly in technology. This will help give a much needed shot in the arm for the burgeoning IT Product industry which so far had to compete alongside the IT Services market.
On taxation front, we look forward to GST roll-out by April 1, 2016. This move will help build an efficient tax administration and could resolve the contentious issue of levy of service tax and VAT on software license. We expect Manufacturers, traders and businesses who have hitherto run their businesses on paper and point solutions, to start looking at adopting enterprise class software to manage their operations. This will open up good opportunity for Cloud based ERP software in the market. Interestingly, we are already ready to address this and will help our clients be GST-ready from day 1 of roll-out.
Max Bupa Somesh Chandra, Chief Operations & Chief Quality Officer
“The Union Budget 2015-16 is a breakthrough budget and sets pace for fast growth economic trajectory through a robust financial framework. We are delighted that the budget has fulfilled the wish list of the health insurance sector and delivered on our long standing demand, of increasing the tax deduction limit under section 80D. Increasing the tax deduction in health insurance premium from Rs. 15,000 to Rs 25, 000 and up to Rs 30, 000 for senior citizens will improve affordability, accessibility and awareness of health insurance. Health benefits for senior citizens will facilitate comprehensive health coverage for the elderly and aid tax rebate. The accident insurance for rural and BPL population with annual premium of Rs. 12 showcases focus on affordable healthcare provisioning. This will boost health insurance penetration which is currently under 5% and mostly restricted to the urban areas, stimulate industry growth and encourage individuals to raise their health investment. We are confident that the budget will bring macroeconomic stability by conquering inflation, enable equal economic opportunity and lay a favorable roadmap for double digit economic growth.”
