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Budget 2019-20 Reactions

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Reactions

Vikas Dawra
Joint MD & CEO

The measures announced will play a positive role in attracting more global investment, and much needed FDI boost for key sectors.

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Harsh Mariwala
Chairman

The announcement of a dedicated TV channel for start-ups, is a positive step towards identifying budding entrepreneurs to augment the nation\'s economic development. The fact that it will be designed and executed by start-up entrepreneurs themselves

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Ajay Piramal
Chairman

The move to encourage higher participation of FIIs and FPIs in debt securities would provide the much-needed capital boost which would in turn, support real estate and automobile sectors that are currently suffering from dampened demand.

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Amar Ambani
President and Head of Research

High disinvestment target of Rs 1.05 lakh crore and increase in public shareholding to squeeze liquidity from secondary market.

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Umesh Revankar
MD

Continuous focus of government on infrastructure with the announcement of investing Rs 100 lakh crore over the next five years will boost the transport sector. According to us, the only dampener is the increase in diesel and petrol prices.

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Raja Lahiri
Partner

The Budget enhances the Government?s focus on Digital India and Startup India, newer technologies and higher education skills, which are key to achieving the growth ambitions of the country.

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Shishir Baijal
Chairman & MD

Its attention to rental housing through creation of a model law is a welcome move and we hope this will pave way for the development of an institutional rental market in the country.

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George Alexander Muthoot
MD

In line with our expectations, the Debt Redemption Reserve (DRR) for public issues has been exempted. Also, the credit guarantee provided by the government will further open up the liquidity line for fundamentally sound NBFCs.

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P Chidambaram
Former Finance Minister

This is one of the opaque Budget speeches, you can?t make out what they are trying to do.

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Arundhati Bhattacharya
Former Chairman

More PSU banks recapitalisation provided than expected

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Dinesh Kanabar
Founder

Minimum public shareholding threshold of 65% will give enormous capital gains tax.

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Ashok Wadhwa
Group CEO

Never thought there will be an attack on basic things like buyback, tax structure; it is an attack on the precepts of what capital markets work upon.

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Ramesh Damani
Member

Reduction in promoter holding big negative for MNCs

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Dhiraj Relli
MD & CEO

Merging FPI and NRI limits and raising FPI limits in PSUs to sectoral limits could increase FPI investment in happening stocks

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Ashok P. Hinduja
Chairman

It is heartening to see the FM focusing on providing depth to the bond market and the move to allow FIIs and FPIs to invest in debt securities will provide the much needed impetus to make available long term finance for infrastructure development.

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Rajnish Kumar
Chairman

Additional liquidity measures from RBI will help NBFCs.

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Piyush Goyal
Minister of Railways & Coal

Congratulations FM Nirmala Sitharaman for delivering a Budget for New India. It perfectly encapsulates PM Narendra Modi\'s vision of New India and will lead to investment, growth and economic development leading to welfare of farmers, poor and middle

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Rajat Jain
Chief Investment Officer

The budget continues its focus on infrastructure growth in areas of water, roads, affordable housing and railways and has provided for substantial spends in this space.

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Ashok Gehlot
Chief Minister of Rajasthan

No mention of agriculture in the speech shows govt is not at all serious about improving conditions in rural sector. The FM did not mention various budgetary allocations in her speech, which has been part of past budget speeches for sake of clarity.

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Harsimrat Kaur Badal
Minister

The Budget is a blueprint of resurgent India where the poor are empowered, youth become job creators, middle class gets full remuneration for work and start-ups get max opportunities to grow.

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Aditi Nayar
Principal Economist

The correction in the Government of India\'s estimated tax revenue for FY2020 relative to the Interim Budget is entirely unsurprising, given the large shortfall in tax collections in FY2019.

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Abheek Barua
Chief Economist

The government has tried to strike a balance between fiscal consolidation and supporting growth.

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Surendra Hiranandani
Founder & Director

The FM has announced a range of sops for real estate developers and homebuyers. These measures are expected to boost investor sentiments in the near future and will provide ample opportunities for the home buyers to invest.

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KPMG

The emphasis on priming the pump for investment are all welcome steps. - Arun Kumar, CEO of KPMG India

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Joseph Thomas
Head of Research

A partial dependence on external markets for government borrowings may help the government meet the borrowing targets but the dynamics of currency management and its impact on yield movements should not be ignored.

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Suresh Surana
Founder

The steep increase in surcharge on personal tax front for income exceeding Rs 2 crores and Rs 5 crores will impact a small segment in number but having a significant influence on the economy.

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Rajnath Singh
Defence Minister

The Budget is not only farmer and industry friendly it also addresses the concerns of youth, women, middle class, poor, and the common man. This Budget would expedite India?s forward march towards progress and prosperity.

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Amit Shah
Home Minister

The Budget presented by FM Nirmala Sitharaman is a futuristic one. It provides a coherent roadmap for sectors that will drive growth and innovation among our citizens. The emphasis on clean energy and cashless transactions are also steps in the right

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Dinanath Dubhashi
MD

Higher regulatory powers to RBI over NBFCs and return of regulation of HFCs back to RBI will definitely restore the confidence for well governed NBFCs.?f?f

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Amitabh Kant
CEO

Divestment target is achievable. NBFC and HFC issues have been addressed well for the long term.

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Arun Jaitley
Leader

Congratulations to PM Narendra Modi and FM Nirmala Sitharaman for the Budget. The budget besides being a policy document for boosting growth, serves the larger interest of all sectors of the Economy.

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Narendra Modi
Prime Minister of India

This budget will strengthen the poor and the youth will get a better tomorrow. It will strengthen the enterprise and increase the participation of women in the country. It has a roadmap to transform the agriculture sector of India.

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Samir Arora
Fund Manager

Not buying any stocks despite budget projecting a big investment spend

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Raamdeo Agrawal
Joint MD

Expect bond yields to soften post budget.

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Raamdeo Agrawal
Joint MD

Budget should have provisions for on-tap banking licenses.

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Ashok Wadhwa
Group CEO

Capital market is looking for support from this budget; think government should consider tweaking the definition of LTCG tax.

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Dinesh Kanabar
Founder

Will not be surprised that there is increase in non-tax revenue; possibility of an inheritance tax is premature.

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Sajjid Z Chinoy
Economist (Asia)

PSU banks need growth capital, not just resolution capital; importance of PSU bank reform is now more important than ever.

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Rakesh Mohan
Former Executive Director

Hope we get a progressive budget which lays the groundwork for growth; need to improve governance in the banking sector.

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Jahangir Aziz
Asia Economic Research

Pushing for taxes in short period is not a good idea, need to improve tax administration.

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Arundhati Bhattacharya
Former Chairman

Expect some critical decision on the NBFC sector and material reform in the PSU banking sector

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Samir Arora
Fund Manager

Do not think the Budget has room for surprises on the positive side, not expecting any big bang announcement in this budget

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Nilesh Shah
MD & CEO

Government needs to stimulate private investment; expect budget to focus on sops for MSMEs and middle class

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Adrian Mowat
Chief Asian & Emerging Market Strategist

Budget is going to be a daunting task for FM Nirmala Sitharaman; government has to strike a tight balance in this budget.

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Amit Bhartia
Portfolio manager for GMO's Emerging Markets Equity team

Improvement in payment cycle for contracting companies will help working capital

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Arvind Sanger
Founder & Managing Partner

Labour reforms extremely important to support long-term growth; from investment standpoint, no structural reforms expected

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Sonal Varma
MD & Chief India Economist

Believe 7% GDP growth is an optimistic figure, GDP growth will most likely be in the range of 6.5-6.8%

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Jahangir Aziz
Asia Economic Research

Hope Budget focuses on healthcare and education

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Arun Thukral
MD & CEO

The government is expected to do a lot of things in this budget for housing finance, NBFCs, more investment, easing of regulatory access and subsidies.

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Devang Mehta
Head – Equity Advisory

A large part of the industry has been asking for rationalisation and some cuts in the GST rates for select pain points where growth has virtually come to a standstill.

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Parizad Sirwalla
Partner and Head of Global Mobility Services â€“ Tax

Any levy of additional taxes or surcharge or reintroduction of wealth tax must be carefully evaluated in terms of applicability, rates and cost of compliance.

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Surendra Goyal
Director & Head of Research

In the last few years the budget has not been a big driver for the equity markets and that is what we continue to expect at this point of time.

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Shyamsunder Bhat
Chief Investment Officer

With respect to the gross domestic product (GDP), we expect a stimulus in the budget.

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V Viswanand
Sr Director & COO

Additional tax sops in the form of an increase in the exemption limit for the premiums paid will be beneficial. It will help boost insurance penetration.

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Mark Mobius
Executive Chairman

Hopefully, the new government will introduce the changes that will encourage more infrastructure spending and that will produce more jobs for people in the rural sector.

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