Vivek Sharma, MD, India, Lenovo Data Center Group
This is a pro-growth, pro-technology price range with a imaginative and prescient to disinvest the place required and re-energize infrastructure, healthcare, banking, and agriculture sectors by way of quite a few employment and capital producing reforms. There is a powerful deal with Digital India be it by way of setting a fintech hub at GIFT metropolis, enhancing digital funds and use of AI, ML and many others in governance, or making tax appellates faceless and tech enabled – all present a stable basis for a ahead wanting data-economy.
Prakash Mallya, Vice President and Managing Director, Intel India
At a time of nice uncertainty, the primary ever paperless Union Budget 2021 stood out for its unremitting deal with financial restoration by way of larger spending and inclusive development alternatives. The allocation of Rs. 50,000 crores over the following 5 years by way of the National Research Foundation to develop India’s potential as a worldwide innovation hub is especially thrilling. This will undoubtedly present better impetus to the Indian innovation story and cement our place on the worldwide map of main economies. At Intel, we’re steadfast in our dedication to partnering with the Indian authorities on this journey of know-how fueled innovation and development. The Budget’s elaborate deal with growing healthcare infrastructure can also be very encouraging. Technology will likely be a key enabler for constructing a sturdy healthcare ecosystem that may guarantee common entry to prime quality and personalised medical assets throughout the nation. The previous 12 months has additionally refocused efforts on a digital-first mindset to allow better entry to training, help academic planning and educating, and elevate studying outcomes. The proposed National Digital Educational Architecture (NDEAR) along with on-line modules for training and provisions for digital coaching for lecturers are welcome steps in direction of making certain high quality training for all. The different factor that stood out within the Budget was the main push to revive and drive development for the MSME sector. Doubling the budgetary allocation for this important sector, coupled with lowering margin cash necessities for startups and selling ease of enterprise for overseas traders will assist this sector develop additional. It is clear that the federal government is banking on India’s digital know-how basis to energy its revival journey. It is encouraging to see the federal government’s sharpened deal with adoption of innovative applied sciences like Artificial Intelligence and Machine Learning. We are excited to see the way forward for Indian innovation and financial resurgence unfold over the following few months. And we look ahead to persevering with to associate with the federal government to develop progressive know-how options that may help the nation’s development targets, generate employment and strengthen India’s digital innovation capabilities.
Ketan Patel, Managing Director, HP India Market
Today’s price range announcement confirms authorities’s deal with growing infrastructure and abilities which can have brief and long run advantages to Indian financial system & folks. From a know-how perspective, the incentives for creating digital infrastructure, training and skilling spells out the federal government’s intent on growing the nation’s human capital. Steps like worldwide collaboration to develop new abilities will assist Indian youth put together for contemporary job necessities and make them international prepared. The announcement of the National Digital Educational Architecture (NDEAR) is a welcome step, which can assist construct a Digital First mindset in your entire training system in India and assist college students and educators undertake new methods of studying and educating. In addition, we welcome the doubled allocation for MSME sector which can incentivise digital transformation of our small companies which can be the spine of our financial system.
Rahul Agarwal, CEO & Managing Director, Lenovo India
The six pillars of the Union Budget 2021 add huge worth to the financial aid put up the pandemic points and paint a futuristic image for the brand new 12 months. It has managed to handle a number of the key points round Atmanirbhar Bharat, training and Digital India that presents vital enterprise alternatives for international corporates akin to Lenovo. With the PLI scheme introduced together with the elevated deal with ‘Make in India’ on this price range, we’re assured that it’s going to encourage native manufacturing, and additional bolster the native PC market. Lenovo can even help the federal government in enriching India’s financial system, by boosting digital infrastructure within the subject of training and extra deal with selling inclusive growth. The nationwide training coverage additionally creates a possibility to construct the Indian EdTech ecosystem to make it finest throughout the globe for analysis & innovation, and empowers the residents to scale up their abilities.
Manish Sharma, President & CEO, Panasonic India & SA
The Budget offered by the Honorable FM within the background of 5 mini budgets is continuum of reformative measures to spice up the financial system to drive – Job, Demand and Spending. I imagine the methodical strategy of figuring out six focus areas the place Health and Infrastructure, with vital improve in allocations, sit on the highest is in the suitable path to revitalize the financial system and put money into well-being of individuals. For producers, Govt re-iterated its dedication to reforms like introduction of Production Linked Incentive (PLI) scheme with a price range outlay of Rs 1.97 lakh crores throughout 13 sectors which reaffirms their intent to supply impetus to home manufacturing, whereas elevating India’s place as a worldwide manufacturing champion. We look ahead to implementation particulars right here to take part. The elevated spending on infrastructure to enhance roads and public transport can also be a constructive transfer and can present easy accessibility to uncooked materials.
Mike Chen, General Manager, TCL India
We do welcome the latest PLI scheme of the federal government. However, we have to ease up the obligation imposed on uncooked supplies retaining in thoughts the make in India thought. We must also be getting added incentives in order that transformative measures will be taken. The business contributes 25% of the nation’s GDP.
Avneet Singh Marwah, Director and CEO of Super Plastronics Pvt Ltd, a model licensee for Kodak and Thomson TVs
Government intends to spice up native manufacturing by way of its bulletins in numerous PLI scheme in subsequent 5 years. As a part of shopper electronics, televisions needs to be thought-about to be included into the scheme. Also a devoted Freight Corridor will likely be a sport changer for provide chain of producing. By spending on infrastructure, India will likely be aggressive at international stage. Like metals, authorities ought to think about taking again customs obligation on panels as there may be improve of costs by 300% on the uncooked supplies.
Rajeev Singh, Managing Director, BenQ India
A really vital price range as India is popping out quick from results of COVID 19, Government has given sturdy emphasis on spending on Infrastructure together with huge push for Atmanirbhar Bharat. Alongside, there isn’t a change in direct taxes largely which had been moderated for corporations final time. This will imply extra money within the system and can act positively in direction of quicker development of financial system. Government has additionally given further push to training and talent growth section within the price range which can lead to intensive use of know-how which in flip will reinforce digital classroom and Blended and Hybrid Learning.
Supria Dhanda, Vice President and Country Manager for India, Western Digital
We congratulate the Government’s initiative in amplifying Atmanirbhar Bharat. Wonderfully captured by our Finance Minister, Atmanirbhar Bharat is an expression of 130 crores Indians who’ve full confidence of their capabilities and abilities. Digitisation, Skill Development and Job Creation are essential to guide India in direction of excessive development and be self-reliant. With fast digitisation throughout industries during the last 12 months, it’s an opportune time to reinforce our spending in coaching imparting digital abilities to the youth. The price range clearly prioritises job creation and rural growth with beneficiant allocations for numerous developmental schemes. The focus round National Apprenticeship Training Scheme (NATS) with an allocation of INR 3,000 crores will empower a brand new wave of expertise transformation and satisfactory employability alternatives for the Indian youth.
Alok Dubey, Chief Finance Officer, Acer India
At Acer, we imagine that the Union Budget 2021 announcement has lined a number of necessary points confronted by the financial system and goes to deliver development alternatives regardless of the COVID-19 pandemic. There are a number of areas the place the honourable Finance Minister has introduced allocations of funds. This 12 months the federal government goals to spend Rs 1.97 lakh crore on numerous PLI schemes over the following 5 years, beginning this fiscal. This is along with the Rs 40,951 crore introduced for the PLI for digital manufacturing schemes which can speed up development alternatives for the business. And, we glance ahead to a whole coverage and leveraging the identical to kickstart home manufacturing.
Dinesh Aggarwal, Joint Managing Director, Panasonic Life Solutions India Pvt Ltd
As was anticipated, the Union Budget 2021 has targeted on our nation’s development and brings a really constructive sentiment to facilitate the financial reset. While on one hand there’s a beneficiant allocation in direction of the continued battle towards COVID and the vaccination drive; on the opposite facet, there’s a clear goal of reviving India’s GDP development throughout all sectors, i.e. agriculture, manufacturing, and companies. This was seen within the main fiscal help introduced for Farm produce, the PLI scheme of 1.95 Lac crores over 5 years, for enhancing manufacturing and the opening of FDI within the Insurance business as much as 74%. Reflecting on the continued deal with ‘AtmaNirbhar Bharat’, the Finance Minister has introduced prolonged help for the manufacturing of digital parts & sub-assemblies, together with cellphones. The public infrastructure has bought a powerful increase with particular allocation for NHAI for continued vigour on freeway development and enchancment of the roads; with particular price range allocation for a number of the states, together with Assam. REIT will likely be vastly inspired because of the abolition of dividend distribution tax and, this may speed up the true property development, particularly since debt financing by FII has been allowed now. This long-awaited concession will steamroll international funding into India’s actual property sector resulting in a big increase in Housing and Commercial infrastructure. Specifically for the Electrical Construction Materials business, discount of import duties on metal flats & copper scrap, long-awaited revision within the labor legal guidelines (together with girls being allowed to work in evening shifts) are a number of the vital steps that may create a powerful export-led financial system within the Manufacturing sector. With particular sops in renewable vitality, particularly for Solar; the federal government goals to encourage home manufacturing by making certain a uniform coverage throughout the states. Thus, vitality era & home Solar module capability will primarily stay a key space of focus. One anticipated related encouragement for EV adoption in India, however maybe it was not overtly talked about within the FM’s price range speech. Focusing on rebuilding India, this can be a very constructive price range for the business because the PLI scheme will speed up development and encourage international manufacturing corporations to create large-scale employment in manufacturing and allied areas like product growth and design, contemplating the expertise pool which exists throughout India.
Sanjay Gupta, Vice President and India Country Manager, NXP Semiconductors
The Union Budget 2021 has been the first-ever digital price range marking a significant milestone within the digital journey of India. The price range has put the much-needed deal with Atmanirbhar Bharat and the necessity to develop the innovation and R&D sector within the nation on a sustained foundation. We are excited in regards to the announcement of INR 50,000 crores for the National Research Foundation over the interval of 5 years. This will certainly increase the general analysis and innovation ecosystem of the nation. R&D is the lifeline for any group and any nation to proceed to prosper in altering dynamic occasions. In India, now we have to focus parallelly on ‘design-in-India’ along with ‘Make-in-India’ to proceed to be forward of the curve. Looking ahead to having increasingly more corporations leverage this elevated R&D price range from govt and develop future researchers and Innovators. The voluntary automobile scrapping coverage would play a significant half in phasing out the outdated and unfit automobiles thereby encouraging uptake in environment-friendly technique of transport like electrical automobiles. Overall, we’re hopeful that Budget 2021 will propel India within the path of turning into a worldwide financial superpower.
Leo Joseph, Managing Director, Xerox India
As anticipated, the core wants of the financial system, popping out of a pandemic-hit 12 months, take prominence within the Union Budget 2021. However, long-term, the price range focuses on the D in India – standing for each growth and digitization. The progressive price range lays the roadmap for better digitization in governance. A price range offered and disseminated in a digital format for the primary time to a digital census will pave the way in which for the federal government to serve residents by way of know-how and knowledge extra seamlessly. The promise of ‘minimum government, maximum governance’ can solely be realized by way of better investments in know-how and deal with better R&D and innovation – which the price range does.”