Budget is holistic, say tech industry leaders

Top tech industry leaders have given a thumbs-up to the maiden budget presented by finance minister Nirmala Sitharaman on July 5.

They called it a holistic budget with thrust on infrastructure, skill development, start-up ecosystem and strengthening the public sector banks.

Biocon managing director Kiran Mazumdar Shaw gave full marks to the finance minister.

"I give full marks to Nirmala Sitharaman for presenting a very holistic, aspirational and visionary budget. Full marks also for the economic strategy for improving social indicators and driving a strong rural economy. But I felt we lost the opportunity to revive the private sector investment cycle," Shaw tweeted.

I give full marks to @nsitharaman for presenting a very holistic, aspirational n visionary budget. Full marks for a economic strategy for improving social indicators n driving a strong rural economy. But I felt we lost the opportunity to revive private sector investment cycle

— Kiran Mazumdar Shaw (@kiranshaw) July 5, 2019

She suggested that if the industry was covered under 25 percent corporate tax rate, it would have boosted investor, business and market sentiments.

If the 25 percent tax rate was contingent to investment in upgradation or expansion or diversification it would have kickstarted the investment cycle, she tweeted.

Senior vice-president and chief financial officer of Wipro Limited Jatin Dalal said in a statement that it was encouraging that the fiscal deficit target has been revised downwards from 3.4% to 3.3%.

He added that strengthening PSU banks capital and improving RBIs oversight on the financial sector may improve the flow of credit in the economy.

A series of measures to enhance capital flows and employment generation are also great steps.

Better growth with macro-economic stability would be the ideal outcome, Dalal opined.

Managing director of Accenture Ventures & Open Innovation Avnish Sabharwal hailed the budget saying that it promised a major boost to the start-up ecosystem in the country.

In a statement, he said, "The budget has promised a major boost to the start-up ecosystem. The proposed angel taxation simplification is an encouraging move for the Indian start-up."

Toyota Kirloskar Motor whole-time director and vice- president Shekar Viswanathan Hailed the emphasis on infrastructure.

"The focus of the budget has mostly been on connectivity and infrastructure emphasising on demand for connectivity across rural and urban markets. Infrastructure focus, including those on road development, will lead to faster and more effective mobility solutions," Viswanathan said in a statement here.

Also, he appreciated the promotion of electric vehicles and suggested that the government align its taxation policies towards green mobilities, which promote reduction of fossil fuel and betterment of environment.