Post Budget reaction from technology, education, retail, BFSI and others

New Delhi [India], Feb 27 (ANI-NewsVoir): Union Budget 2017-18 is a big relief for the common masses from reduction in personal income tax to sops for affordable housing - the Finance Minister has announced various measures to benefit farmers and weaker sections of the society. On the corporate side, abolishing of FIPB is a bold step and further liberalization of FDI policy will cheer foreign investors. While last year's auctions removed spectrum scarcity in the country, expansion of Bharat Net project will ensure high-speed broadband to 1.5 lakh gram panchayats via Wifi. With increasing smartphone penetration and push for high-speed broadband connectivity in rural areas, a massive digital revolution is imminent in India. Lastly, reduction of corporate tax for MSMEs is a welcome step but larger Indian conglomerates looking to compete with global peers will continue to find the tax rate challenging. "The real estate sector will benefit from the Budget. Apart from affordable housing being granted infrastructure status, the sizes of what is considered as affordable housing has been taken as 30 sq. mt and 60 sq. mt carpet area as against the super area which was there before. There are many other things that were announced that will benefit the sector. For builders for whom constructed buildings are stock-in-trade, tax on notional rental income will only apply after one year of the end of the year in which completion certificate is received," said MD Director, Chintels India Pvt Ltd., Hon'ble Treasurer, CREDAI NCR, Prashant Solomon. "Reduction in the holding period for computing long term capital gains from transfer of immovable property from three to two years. Also, the base year for indexation is proposed to be shifted from 1.4.1981 to 1.4.2001 for all classes of assets including immovable property. For Joint Development Agreement signed for development of property, the liability to pay capital gain tax will arise in the year the project is completed. All of these are very welcome steps and will certainly make things a lot easier for developers. This is a very bold step taken by the Government and we hope it is the beginning of the end of isolation of the real estate industry," added Solomon. "I would like to congratulate the FM for presenting a positive and pro-growth budget this year. The government's initiatives towards digital payments will benefit retail growth in the long term. Affordable housing has been given a huge impetus with Initiatives like "Housing for all by 2022", DDT exemption in REIT, increased allocation towards the infrastructure sector including roads and highways and the NHB allocation to affordable Housing Finance Companies. Reduction in time to two years for long term capital gains tax benefits will aid the real estate investors as they can book profits by paying a bare minimum income tax at the end of two years only on profits earned from sale of property. This along with other initiatives like impetus towards skill development, Tax regime, jobs creation and will act as a big push towards the government's make in India and smart city initiatives," said Executive Director Pacific India, Abhishek Bansal. "This year's budget sees welcome initiatives that will bolster the education industry in India. We welcome the efforts towards providing quality education in STEM across primary and secondary schools in India. The launch of the Swayam platform, the upliftment of 3,479 educationally backward blocks, the setting up of the National Testing Agency and 100 skill centres across India will make quality education accessible and available to the masses and will help empower a generation of future leaders. This will lead to an overall improvement of educational facilities throughout the country, particularly in Tier II and Tier III cities. Though these are significant steps in the right direction, we would have also welcomed further constructive investment towards R&D infrastructure," said President BML Munjal University, Akshay Munjal. "The Finance Minister presented a carefully detailed plan to improve people's spending power and also focused on the need of small traders and farmers. It is heartening to note that the Finance Minister has offered the biggest tax break to the lowest salaried bracket giving them more money in hand. The push towards digitalization of payments and formalizing the credit market is a welcome step which will lead to more people coming under the legitimate financial system," said CMO Home Credit India Pvt. Ltd., Tomas Pavel. "The Finance Minister has announced a prudent Budget with focus on infrastructure, employment and digitization. While reduction in interest rates has already given an impetus to the consumption cycle, lower personal income tax for income up to `5 lk will put more money in the hands of the common man. Also, airports and air connectivity in smaller towns will further boost economic activities. With measures to stimulate growth, promote the digital economy and provide relief to middle class through affordable housing, this Budget ticks all the right boxes," said Head Sales and Marketing LML Limited, P S Choudhary. "The Union Budget has outlined all the rights steps for the government's central agenda of Transform, Energize, and Clean India. The lower corporate tax announced will help small businesses become more competitive in the global market while reduction in personal income tax is a step in the right direction to boost the consumption cycle. Increasing number of years from five to seven for tax holiday for startups is also a welcome step. Preempting spate of cashless transactions in the days ahead, announcement of a new payment regulatory board will help in realizing Govt's dream of a Digital Economy. Also, curb on cash transactions of over three lk will help in pushback of the parallel economy," said co-founder YMS Mobitech Pvt. Ltd. YMS Mobitech Pvt. Ltd., Ajay Laddha. "Apart from its agri push and impetus for rural population, Union Budget 2017-18 has announced a slew of measures to leverage India's huge demographic advantage. With jobs and skill training among top focus areas, the government's agenda to improve quality education for youth of the country is a step in the right direction. A capital outlay of 2.4 lk crore for the transportation sector along with new airports via PPP model will steer the economy in the right direction," said CEO SpeedJet Aviation SpeedJet Aviation Academy, Captain Dharamraj Shukla. (ANI-NewsVoir)