Allocation of Rs 50,000 crore in Budget 2021 for the National Research Fund for the next five years is a definite step towards boosting the research ecosystem in a coordinated way. Focus on Innovation and R&D, coupled with the PLI for electronic manufacturing schemes lays down a very strong foundation in building a self-reliant digital India.
According to industry leaders, the Finance Minister Nirmala Sitharaman has presented a balanced budget that is aimed at maximum growth of all sectors in the coming year. Here are the views of top industry leaders on Budget 2021.
Supria Dhanda, Vice President and Country Manager for India, Western Digital
I would like to congratulate the government on its first paperless budget to push India in its digital journey. The economic survey highlighted India's aspiration to compete on Innovation with the top ten economies. Allocation of INR 50,000 crore for the National Research Fund for the next five years is a definite step towards boosting the research ecosystem in a coordinated way. Focus on Innovation and R&D, coupled with the PLI for electronic manufacturing schemes lays down a very strong foundation in building a self-reliant digital India. We are confident that the technology industry will join hands with the Government in its plan to enhance manufacturing capabilities and expand R&D centres.
Anupam Jalote, CEO, iCreate
The 2021 budget reaffirms India's commitment towards tech innovation – Rs 50,000 crores for National Research under the PSA is a very solid point. Also acknowledging that fast-growing start-ups continue to need support, the redefinition of the paid-up capital of small companies from Rs 50 lakhs to Rs 2 crores and their turnover of up to Rs 20 crores will definitely attract more dynamic innovators to starting up in India. ‘One Person Companies', with no restrictions on capital and turnover brings in a lot of flexibility for smaller businesses. The commitment of support for a world-class Fintech Hub at the GIFT City in Gandhinagar will enable our strong fintech sector to start going global.
Vikas Garg, Chief Financial Officer at Paytm
The Finance Minister has presented a balanced budget that is aimed at maximum growth of all sectors in the coming year. The Rs.1500 crore proposed scheme to incentivize digital payments is a welcome move that will accelerate the growth of cashless transactions in our country. During the pandemic, digital payments emerged as one of the key enablers of empowerment at the grassroots and brought millions of people under the fold of the formal economy. Government's continued emphasis on increasing investment in Infrastructure, Insurance and digital payments will ensure financial inclusion of the masses.
Praveen Kumar Gupta, Co-founder, Planet Organic
The Budget 2021 has really pushed for a stronger and improved Aatmanirbhar Bharat. The government's focus on increasing the purchasing power of the farmers will encourage more farmers to adopt organic farming. As organic farming products generate more outflow as compared to traditional farming methods. We at Planet Organic believe that Organic farming is the future of agriculture.
The government's proposal for allocation of funds for MSME sectors, reduction of marginal money requirement and extension of tax holiday for start-ups is a great initiative and will be helpful for all start-ups.
Saurabh Jaitly, Co-Founder, Shippigo
Eligibility for Tax Holiday for Startups has been extended by one more year to 31 Mar 2022 and the Exemption from the capital gain in investment in startups has been increased by one more year to 31 Mar 2022. This will provide some relief to startup's facing the heat of the pandemic. The fund infusion into the MSME sector will also act as an enabler. Ease of doing business has also been enhanced for individuals looking to establish OPC's.