NASSCOM: The Union Budget 2017 reinforces government’s reliance on technology for achieving development goals, as it focuses on Infrastructure and empowering startups and SMEs, although IT industry expectations on facilitative proposals remain largely unmet… The budget evangelizes digital payments and infrastructure, along with promoting a transparent business environment.

Anant Maheshwari, president, Microsoft India: “The Finance Minister has presented a balanced budget, underlined by the continued push to using technology to aid a digital economy. As India strengthens its position on the global map, the need for skilled youth is crucial. The budget’s focus on extending market relevant training for the youth and setting up 100 international skill centers across the country, is a positive move. The emphasis on science and technology for students, and launch of SWAYAM, will further empower India’s youth for the future. I am glad to witness the increasing focus on cybersecurity, which is critical to securing the economy’s digital transformation. The reduction of corporate tax for MSMEs is a welcome move and will boost the economic growth. The momentum in the implementation of GST is promising and I look forward to seeing it unfold in the coming months.”

Varun Berry, managing director, Britannia Industries Ltd: “ Rural markets have suffered for the longest period of time. This year’s been an okay monsoon; the last two years have been very bad. And then demonetization came, so it slid again. But hopefully with these measures coming in, I’m sure that the rural economy is going to start to spur once again and that’s going to be very good for companies like ours. That’s really is the next frontier as far as consumption is concerned.”

Hemal Mehta, Partner, Deloitte Haskins & Sells Llp: “Affordable housing is a priority for this government and it was expected to get infrastructure status. With infrastructure status, developers can access foreign funds at a cheaper cost by way of debt and it will be a priority lending for banks as well. This should result into a progress in the sector. The fine print shall provide higher clarity.” (Reuters)

Samrat Dasgupta, chief executive officer (CEO), Esquire Capital Investment Advisors, Mumbai: “He (Jaitley) focused on the rural side more, and he has recognised that demonetisation had brought some hardship to people. So he’s trying to mitigate that as much as possible, with some rural schemes and reduction in taxation for low income people.”

Deepak Parekh, chairman, HDFC: A good budget, has done a lot for housing and for rural development. Disappointed with no announcement on corporate tax.”

Adrian Mowat, chief Asian and emerging markets strategist, JP Morgan: A very workmen like Budget. Got some clear indications about how to broaden the tax base in India, developments around improving transparency, efficiency, these are all good things.”

Rangarajan, former RBI governor: “It was a fairly routine Budget… in the sense that there have not been much changes on the revenue side. Nevertheless, I am happy that the fiscal deficit is maintained at 3.2 per cent. The original road map has set it at 3 per cent.”

Tirthankar Patnaik, India Strategist, Mizuho Bank, Mumbai: “The fiscal deficit of 3.2 percent missed the target, but laudable efforts nonetheless. Markets should love the lower net borrowing figure of 3.4 trillion rupees. On tax reforms, the reduction of the corporate tax for SMEs to 25 percent is very welcome.”

Devendra Kumar Pant, chief economist, India Ratings, New Delhi: “Fiscal deficit of 3.2 percent is in-line with expectations. Bond markets or the debt markets will take it favourably. The quality of deficit has improved marginally.”

Shakti Satapathy, fixed-income strategist, AK Capital, Mumbai: “The tone remains neutral with not so drastic surprises in terms of maintaining a sustainable fiscal consolidation roadmap. The 3.2% fiscal deficit target for FY 17-18 is largely in line with the expectation & the same has already been factored in the bond yields.”

Kunal Bahl, co-founder and co-founder, Snapdeal: “We commend the focus on growing the digital footprint in the country-enhancing digital infrastructure, capping cash transactions, reducing cash donations, using Adhaar Pay to enable more digital payments are significant measures. Initiatives make an impact when there is continued attention and the announcement of today builds on the demonetization efforts of last few weeks.”

C. Deveshwar, chairman, ITC: “The Budget proposals to increase spends in rural areas, infrastructure development, poverty alleviation as well as the agricultural sector should provide a growth impetus to the Indian economy and a pickup in consumption demand. The enhanced push towards digitisation is indeed welcome as it will ensure a quantum jump in efficiency, enable mainstreaming of the informal economy as well as inclusive empowerment through technology and innovation.”