Indian Business Leaders Comment on Budget 2019

Technology & Startup Client: SAVIC Technologies, Spokesperson: Mr. Harish Konakanchi, President and Executive Director of SAVIC Technologies. 

Indian Union Budget 2019 impact on IT Services Industry:

IT services industry in SME & MSME sector is characterized by highly skilled man power, highest investment on human resources, expenditure on travel & stay and low investments on fixed assets like machinery etc. Hence the investment & loan requirements of this industry especially which are start ups are different. For example, easy digital credit facility on month on month operations, interest rates based on pay & use model etc. are some of the industry needs.If that kind of credit facility mechanism is developed through banking & insurance sectors, India can create a large & efficient eco-system of MSME & SME in services sector, which will positively impact: employment generation, spread of job opportunities in every nook and corner of the country. It will also help in arresting large scale migration of rural populace to cities, thus balancing of natural resources consumption.

Reach out to the last Indian citizen:Another important impact of budget 2019 will be government initiatives to invest in infrastructure (Covering roads, water ways & supplies, power transmission), real-estate, clean energy generation & agriculture will positively influence more employment generation uniformly across the nation. As long as government invests in constructive employment generation, rather than offering freebies like unemployment benefits, which will degenerate the nation into complacent citizens. 

Marriage of Technology & Social Challenges:IT sector integration with Agriculture & infra industry will bring the fruits of technology to the last citizen in the social hierarchy and reduce the economical, social & lifestyle differences among classes. There are ample examples of what technology can do: in railways or road transportation booking systems, various online money transaction systems, education systems etc. which have dramatically influenced our lifestyles and individuals ability to reach out to modern day benefits.

Technology Client: Knowlarity Communications Pvt. Ltd. Spokesperson: Mr. Yatish Mehrotra, CEO, Knowlarity Communications Pvt. Ltd. 

On the behalf of whole industry, we expect this budget to enable women, especially in the middle or lower income slabs with higher tax exemption rates. Also, we would expect the refund process to be easier, lower taxes and easily accessible loans.  

Corporate Leader Client:  Samira Gupta, Chief Image Consultant & Executive Coach, Founder AIMC

India is gearing up for the Union Budget – to be announced on 5th July 2019. In my view, working Women in urban India expect preferential rebates and incentives from this budget. Encouraging interest rates for loans as well as on savings will significantly influence their decision to be entrepreneurs. Cheering and empowering women in the rural areas of India is equally important. A designated budget / Value for their skill development, vocational training can help in arousing their interest in working. This would prove to be a blessing in restoring and promoting Indian Art and Craft too. Preferential rebates and easy loans can encourage them to set up a small scale business and a truly empowered status. Hoping for sustainable growth of the Indian economy through these steps.

HR & Technology Client: Headsup Corporation, Spokesperson:  Sumit Kumar, Director, Headsup Corporation

While working in the Human Resource’s industry. The biggest challenge which is coming is in the terms of Training and Development , Skill Gap and a big disconnect in terms of Campus and Corporate Gap. The existing students must be aligned to the growing need of the organisations which will make them more employable. Government must allocate funds and resources to institutions so that they can invest in capacity building , setting up ideation labs and hire the necessary resources which can help in the execution of such efforts. 

Further, while evaluating existing talent in the market , we have observed that there is a huge difference in the way graduates are rated in terms salary and pay. 

Government should set up a budget and committee which can help in finding the gaps areas and also bench marking the best practices which the “Dream“ colleges are able to facilitate. This will help in increasing the average value of a graduate and also giving a chance to be at par with IITs and IIMs. 

HR & Startup Client: Marching Sheep, Spokesperson: Ms. Sonica Aron, Founder & Managing Partner, Marching Sheep

  1. Funding schemes for women entrepreneurs. Despite the existing programs (There are 9 programs that every one talks about, yet women entrepreneurs are far less in numbers than males), the number of women entrepreneurs continue to struggle with funding and infrastructure. For example, most of the schemes support rural or small scale industry.
  2. Resources and infrastructure for Transgenders – Education, employment and facilities (as simple as washrooms). Some institutes are taking the initiatives, but a mandatory push through a policy or fund allocation would help.
  3. As of now, creches are provided in manufacturing setups only. The private day care catering to corporate world are exorbitant and nearly prohibitive. Subsidised day care facilities as a policy to be provided to all parents/ or a tax exemption would help. This will help households with working couples immensely.
  4. Education- affordability and access to students, and training of teachers on newer methodology, upgrading curriculum, bringing in newer concepts into education.
  5. Focus on safety- budget/ spend on CCTV cameras, police force that make, lighting and other infra that can help reduce crime against women.

Education Client: FORE School of Management, Spokesperson: Dr. Himanshu Joshi, Associate Professor, FORE School of Management

As stated by Prof Himanshu Joshi, FORE School of Management “Skill development needs to be at the top priority of the budget, short term training needs to be started from schools itself so that student will be able to find out his/her interest to pursue further, after school, it will help to create employment on a large scale.                               

Another the focus required for employment generation at the rural/ semi-urban level itself, like 25% of the procurement of large industries or online platforms from the rural area itself. This will reduce the movement to metros, it will help to create a balance in the ecosystem as well.                   

Internet penetration in rural/ semi-urban areas needs to be improved, it will help to get the best trainers/ faculties on board across the world through virtual mediums.                               

The budget needs to be assigned for the education of stakeholders at all levels like conservation of water, girl education, need for skill development, etc. For the same repository can be created in the working domain of the best innovative and workable practices in all parts of India and abroad.
                               

The budget needs to be assigned for happiness programs in schools, due to globalization, stress level increased among employees as well as students of higher education, this program will definitely help to improve the work-life balance.”

HR & Startup Client: Avsar, Spokesperson: Mr. Navneet Singh, Founder and CEO Avsar HR Services

 “We saw a total of USD 4.2 billion capital infused in 2018 but there was huge decline in funding for companies at seed stage. Hence, we expect reforms in exemption of Angel Tax and MAT which are probably the biggest impediments for start-up eco system. Moreover, we suggest GST be paid at the time of payment and not invoice generation so as to sort cash flow issues  generated because of delay in payment. With Indian HR bubble thriving 180+ different companies of various stages, an increased focus on infrastructure that power individuals digitally, would be appreciable.”  

Spiritual Technology & Startup Client: Rgyan, Spokesperson: Mr Umesh Khatri (Cofounder, COO & CTO)   Rgyan -A Socio Spiritual Tech Startup

“Being the first budget of the Modi Government 2.0 and also being the first budget of our new Finance Minister Nirmala Sitharaman, expectations is very high. Being the 2nd largest startup hub of the world, we hope that the budget is made keeping all the factors in mind to help startups continue with this growth. 

Although startup industry has seen a tremendous growth, but due to the taxation policies, even now investors seem to be afraid of investing in the startups.

Government should come up with such policies which should promote investment in the startups, so that an entrepreneur can focus more on research and innovation. 

This is the time of new innovative technologies like Machine Learning, AI and Cloud Computing, and if the budget is made startup friendly then more and more startups will grow in this sector which will ultimately help in the growth of the country.”