Budget 2019: Reactions from industry leaders

The CSR Journal got on-the-spot reactions from industry leaders across various sectors immediately after the live budget presentation on February 1, 2019, at the Confederation of Indian Industry (CII) headquarters.

Said Piruz Khambatta, Chairman CII (Western Region) and Chairman & Managing Director, Rasna, “The Budget announcements have largely taken care of the agriculture sector, middle income class and unorganized sector. The additional income for this population will lead to enhanced spending and higher economic growth.”

“However, I think this is well managed given the incentives provided to the rural sector. On the agri front, direct income transfers to farmers having holdings of less than 2 hectares is a welcome move and help reduce risk to farmers. Overall, this budget is all encompassing and has something for every class of the society.”

Said Ninad Karpe, Director, Aptech, “The budget was interim but the expectations were not. I think most of the expectations have been met.” He has high hopes from the announcements about Artificial Intelligence (AI)

Acting Finance Minister Piyush Goyal said during the Budget 2019 speech that “in order to take the benefits of artificial intelligence and related technologies to the people, a national programme on AI has been envisaged”.

Establishment of the National Centre on Artificial Intelligence as a hub along with centres of excellence was also announced. Nine priority areas have been identified. A National Artificial Intelligence portal will also be developed soon, Goyal said in the speech.

“I am very happy that the Interim Budget presented by the Interim Finance Minister has been good. It was a kind of report card for the last 5 years,” said Sanjiv Saraff, Senior Vice President, Investment Banking, ICICI Securities. “People are calling it populist. However, if you have done some good, there is nothing wrong in talking about it. Is the intent good? Yes. Now the question is of implementation,” he added.

“The relaxation of Income Tax limit for the salaried class was the major relief,” said Ashish Philip, Joint Partner, Lakshmikumaran & Sridharan (L&S), a law firm.

Watch the video for the complete coverage.

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