February 2021 - Page 72 of 75 - Media Bulletins Today News Bulletin in English

Plastics Exporters react to Union Budget: PLEXCONCIL

Feb 1, 2021 by Neel Achary 0 Comments #Chairman, #Mr. Arvind Goenka, #The Plastics Export Promotion Council (PLEXCONCIL)

By Mr. Arvind Goenka, Chairman, The Plastics Export Promotion Council (PLEXCONCIL)

“Hon. Union Finance Minister (FM) presented a progressive and transparent Budget to stimulate growth in the economy after a global pandemic. FM stated that our manufacturing sector has to grow in double digits on a sustained basis to achieve a USD 5 trillion economy. Government has to encourage plastics’ manufacturing companies need to become an integral part of global supply chains, possess core competence and cutting-edge technology. But PLEXCONCIL has been seeking the inclusion of plastics under the PLI Scheme. We welcome the review of 400 existing custom exemptions this year. PLEXCONCIL requests for reduction in customs duty on Plastic raw materials. Naphtha custom duty lowered will help production of plastic raw materials. Finished goods of plastics should have attracted higher duties. We welcome the announcement to review inverted duty structure under GST. But there is no allocation for MEIS shipments made for 2019-20 and 2020-21 – we seek clarity on the same. Government’s focus on providing alternative discoms and reduction in cross subsidy shall help industrial consumers. MSMEs in the plastics industry will benefit from Collateral free loans for businesses. Increased outlay for road and rail infrastructure shall help logistics movement within the country/ICD.”

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Union Budget Reaction: Dr. R. C. Mansukhani, Chairman, Man Industries (India) Limited

Feb 1, 2021 by Neel Achary 0 Comments #Chairman, #Dr. R. C. Mansukhani, #Man Industries (India) Limited

By Dr. R. C. Mansukhani, Chairman, Man Industries (India) Limited

“I congratulate our honourable Finance Minister for presenting a commendable budget in tough times. The increased allocation for creating water and Gas pipeline infrastructure augurs well for the country. Also, the reduction in customs duty on certain steel products will check the rising steel prices in the domestic market and boost investment in the construction sector. Simplification of the tax regime is another important aspect of the budget, and this will make a preferred investment destination.”

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Union Budget Reaction: Shachindra Nath, Executive Chairman & Managing Director, U GRO Capital

Feb 1, 2021 by Neel Achary 0 Comments #Executive Chairman & Managing Director, #Shachindra Nath, #U GRO Capital

By Shachindra Nath, Executive Chairman & Managing Director, U GRO Capital

Broadly evaluating, the Union Budget 2021 is a significant attempt by the government, to accept a higher fiscal deficit and enhance expenditure towards economic revival. It is appreciative of the government to put a special emphasis on providing relief to the taxpayers and reducing the burden posed by COVID-19. One of the key highlights of the budget is the setting-up of the development finance institution (DFI) towards infrastructure financing and institutional framework to purchase corporate bonds, which would solve the issue of liquidity for the infrastructure sector and corporate bond market. Also, with the path-breaking initiative of instituting Asset Reconstruction Company (ARC) and asset management company (AMC) for NPA consolidation, banks have been allowed to streamline their focus on the much-needed growth.

The government has reduced the threshold for NBFCs to initiate recovery under the SARFAESI Act, 2002. This is an effective step towards ushering credit discipline and in the long-term will increase the penetration of credit to small businesses. The government has also doubled its allocation towards MSMEs, which would greatly support their revival and eventual growth. Holistically, the Union Budget 2021 is an encouraging event, yet we optimistically look forward to distinctive support for NBFCs, with a framework to provide them sufficient liquidity, while also furthering the credit guarantee scheme support to the MSMEs.

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Union Budget 2021 – Reaction – Dr. K. Hari Prasad President, Apollo Group – Hospitals

Feb 1, 2021 by Neel Achary 0 Comments #Apollo Group – Hospitals, #Dr. K. Hari Prasad, #President

By Dr. K. Hari Prasad, President, Apollo Group – Hospitals

Hyderabad, 1st February 2021: While health is a primary prerequisite for any human being, it never received the importance it deserved. The Pandemic has propelled health into the forefront and this is aptly reflected in the budget presented today. The outlay towards prevention, treatment and wellness is welcome and should impact the Health indices positively. Almost the entire budget is targeted at public healthcare infrastructure and facilities and talks about enhancing primary, secondary and tertiary care. This must improve public healthcare infrastructure and services which is a welcome phenomenon.

However, the budget has been silent on certain critical aspects of healthcare which we hope will be addressed in due course. Health Insurance Premiums are increasing and increasing the premium amount for tax exemption would have been a great initiative to increase the number of people covered by Health insurance. This would have helped the huge middle-income population in our country. The private health sector which is a significant provider in India has shared the Responsibility of fighting Covid with the Government. Many private providers particularly single doctor clinics, nursing homes and smaller hospitals are struggling for survival and deserved some relief in the budget.

India was always self-sufficient in terms of the availability of high-quality healthcare services. Patients from over 200 countries travel to India for healthcare and this adds to the wealth of the nation. Facilitating medical travel into India is another opportunity that should have been leveraged.

It is practically impossible to achieve everything in one budget, but it is gratifying to note that a good beginning has been made. I believe this lays the foundation for many other required interventions to improve the health of the nation.

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Union Budget 2021 – Dr. Prathap C Reddy, Chairman, Apollo Hospitals Group

Feb 1, 2021 by Neel Achary 0 Comments #Apollo Hospitals Group, #Chairman, #Dr Prathap C. Reddy

Hyderabad, 1st February 2021: Commenting on the Union Budget 2021, Dr. Prathap C Reddy, Chairman, Apollo Hospitals Group said, “The COVID-19 pandemic was an unprecedented medical crisis and it underlined the importance of building resilient healthcare infrastructure. Today, the Hon’ble Finance Minister’s said health was her first pillar and her announcements to develop primary, secondary and tertiary healthcare systems, greatly gladdened my heart. This ground-breaking focus on health which will provide access to medical care for all in our country, fuel job creation and boost economic momentum.

India’s efforts in managing the pandemic have been exemplary – our frontline workers and scientists have been working tirelessly to save lives and develop indigenous vaccines. Now the allocation of Rs. 35,000 crores for COVID-19 vaccines and more if required, makes our glorious nation stand tall as a model for the world.

We must now look at the next crisis of Non Communicable Diseases, which will be responsible for 80% of deaths and cause a 3.8 trillion USD burden to the country by 2030. It is important to focus on prevention, early detection and possible cure to protect Indian families from grief, financial burden and to help the GDP grow. India having proven its clinical excellence, should now focus on clinical trials, research, innovation and technology. There is potential for India to become the largest global health technology center. As an additional opportunity, India can generate employment and be a healthcare service provider for the world.”

Business World

Post Budget Reactions from Industry Leaders

Feb 1, 2021 by Neel Achary 0 Comments #Dr. Sunita Gandhi, #Founder of AstroTalk - Leading Astrology Application in India, #Founder of GETI and GCPL, #Jatin Ahuja Founder and MD of Big Boy Toyz, #Mr. Puneet Gupta

Quote from Dr. Sunita Gandhi, Founder of GETI and GCPL

Following the schools shutting down, classroom education shifting to the online space, and introduction of NEP in 2020, there were a lot of expectations from this year’s budget. Announcement about opening 100 new Sainik schools in partnership with NGOs, private schools, and states is a welcoming move that will encourage the sector. Further, allocating Rs 50,000 crore over five years to the National Research Foundation (NRF) for Innovation and Research & Development will stimulate the sector in the medium to long term. Introduction of the Apprenticeship Act that will spur employment opportunities for students post-education apprenticeship. Overall the budget has made positive developments and is moving in the right direction. As per the NEP, The percentage of GDP was supposed to go up not reduce it.

Which is not a good sign in the Budget. Education is not loosest point and setting back the education sector. As schools were shut during covid. Education Sector needed a bigger boost from the current Budget. It’s good that knows that 15000 schools will be a part of NEP now. Also, Samagra Shiksha was not explained properly as its a good initiative by the Govt.

Quote from, Jatin Ahuja Founder and MD of Big Boy Toyz

This year’s budget has made some valuable developments in building a strong domestic market for the automobile sector. The kind of financial support that the sector has received, including approx. INR 57,000 crores for auto and auto components and 1.08 lakh crore to MoRTH for capital is remarkable. Other than this, increased expenditure on building road infrastructure to support the sale of commercial vehicles, voluntary scrappage policy, and Research & Development, look promising for the automotive sector. Also, the increase in the customs duty on some auto parts by 15% along with PLI scheme seems to be a favourable step towards building an independent nation.

Quote from Mr. Puneet Gupta, Founder of AstroTalk – Leading Astrology Application in India

This year’s budget has taken a number of steps to promote and support startups. As opposed to last year’s allocation, this year’s budget has allocated Rs 15,700 crore to the sector. Not just this, it has also emphasized on creating a separate framework of Data Analytics, Machine Learning (ML), and Artificial Intelligence (AI) to assist the companies. Further, to mitigate the lost months during the COVID-19 pandemic, FM Nirmala Sitharaman also proposed to incentivize incorporation of one-person companies without any limit on paid-up capital to help startups and innovators. All of it was much needed to boost entrepreneurship in India and promote Aatmanirbhar Bharat.

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Union Budget Reaction: Shri Rahul V Karad, the Visionary Educationist, and the Managing Trustee & Executive President, MAEER’s MIT Group of Institutions & Executive President, MIT World Peace University (MIT-WPU)

Feb 1, 2021 by Neel Achary 0 Comments #Managing Trustee & Executive President, #MIT Group of Institutions & Executive President, #MIT World Peace University, #Shri Rahul V Karad, #the Visionary Educationist

Shri Rahul V Karad, the Visionary Educationist, and the Managing Trustee & Executive President, MAEER’s MIT Group of Institutions & Executive President, MIT World Peace University (MIT-WPU) said “I welcome the budget announced for this year by our Finance Minister Nirmala Sitharaman. The budget aims at the overall economical revival with a major thrust on infrastructure, healthcare and agriculture along with other sectors. The decision to introduce IND-SAT to invite Asian and African students to study, will make India the preferred destination for education. It will also introduce more diversity amongst the student population. Introducing FDIs in the education sector will further help ramp up this sector and help meet global standards. The young engineers getting the internship opportunity for a period of 1 year by the Urban Local Bodies of India will further build a greater industry connection for our engineering graduates. As a university that is proactively bridging the industry-academia gaps, this is a welcome change. What is also path-breaking is the government’s decision to introduce degree-level full-fledged online education programs by the top 100 institutions listed in the NIRF. This will make good quality education accessible to aspiring students especially in the rural regions of our country where there is a lack of education infrastructure. The idea of attaching medical institutes to a district hospital in the Public-Private Partnership (PPP) mode will address the future demand for doctors and healthcare professionals in our country and also provide them with better exposure early in their careers. This year’s budget has taken into account some of the challenges faced by the Indian education sector and presents opportunities that can be turned into strengths to make our nation Atmanirbhar, as India will have the largest working-age population in the world by 2030.”

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Union Budget Reaction: R Mr. Prem Kishan Dass Gupta, Chairman & Managing Director, Gateway Distriparks Ltd.

Feb 1, 2021 by Neel Achary 0 Comments #Chairman & Managing Director, #Gateway Distriparks Ltd., #Mr. Prem Kishan Dass Gupta

By Mr. Prem Kishan Dass Gupta, Chairman & Managing Director, Gateway Distriparks Ltd.

“The Union Budget 2021-22 placed key focus on healthcare, infrastructure, digital economy and job creation for the youth. The announcement of a massive investment of Rs. 2000 crore on seven port projects under PPP mode will boost the logistics sector and enable overall economic growth. Under the Recycling Act, 2019, a recycling capacity of around 4.5 Million Light Displacement Tonne (LDT) will be doubled by 2024. This will not only benefit us as a company but also be a way of providing employment opportunities.

With road and rail connectivity being an indispensable factor of economic development, an allocation of Rs 1,10,055 crore for Railways has been made where the eastern and western dedicated freight corridors will be commissioned by June 2022. This will help in bringing down the logistics cost as well as ensure smooth connectivity between different points of the country and ensure easy and faster freight movement. The Union Budget targets 100 percent electrification of broad-gauge railways to be achieved by 2023. This will increase efficiency, and reduce dependence on conventional fuels.

The Government’s push to port, road and rail infrastructure through various investments, initiatives and projects will further add to the development of the logistics industry in India.”

Business World

Union Budget Reaction: Rohitashwa Prasad, Partner, J Sagar Associates on Disinvestment target by FM

Feb 1, 2021 by Neel Achary 0 Comments #J Sagar Associates, #Partner, #Rohitashwa Prasad

“For FY 21, the GoI had set a very high disinvestment target of Rs. 2.1 lakh crore, which, in the backdrop of the disruptions caused by the Covid pandemic proved too ambitious to realise. The target of Rs. 1.75 lakh Crore for FY 22 may, given the expected realisation amount from companies whose disinvestment process has already commenced and given the sectors and targets identified in the budget for disinvestment, not prove to be unrealistic. If the public markets continue to be as buoyant as seen recently, and if global liquidity conditions are favourable, the target could very well be achieved.” Rohitashwa Prasad, Partner, J Sagar Associates

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Budget 2021: Mr. Vinkesh Gulati, President, FADA impressed with the announcement of much awaited Scrappage Policy…

Feb 1, 2021 by Rekha Nair 0 Comments

Mr. Vinkesh Gulati, President FADA said “FADA is happy to note that the Hon’ble Finance Minister has finally announced the much awaited Scrappage Policy, though voluntary to phase out old vehicles. If we take 1990 as base year, there are approximately 37L CVs and 52L PVs eligible for voluntarily scrappage. As an estimate, 10% of CV and 5% of PV may still be plying on road. We still need to see the fine prints to access the kind of incentives which will be on offer and thus have a +ve effect on retail.

The 6,575 km Highway works proposed in Tamil Nadu, Kerala, West Bengal and Assam and another 19,500 km work for Bharat Mala project will definitely add fillip to much needed revival of Commercial Vehicles especially M&HCV segment.

Government’s reduction of customs duty on steel products to 7.5% will benefit Auto OEMs. We hence expect the benefit to trickle down to end customers thus helping in boosting of demand.
While we expected disposable income for individuals to increase with enhancement of IT slabs and depreciation benefit on vehicles for individuals, the same has not been taken into consideration.”

Archive: February 1, 2021