India Inc on Monday hailed Finance Minister Nirmala Sitharaman’s Budget for 2021-22 as a reformist one that reimagines India’s self-reliance like never before and will drive revival of the economy from the impact of the pandemic with enhanced spending.
The focus on growth over fiscal consolidation, healthcare spending and steps to further help the startup ecosystem came in for praise from industry leaders across different sectors.
“Coming in the backdrop of a global pandemic of the century, it boldly spells the government’s growth agenda and a march towards building a new and prosperous India. The budget clearly has the stamp of our Prime Minister with a clarion call for ‘Sabka Saath Sabka Vikas’ and ‘Vocal for Local’,” Founder and Chairman of Bharti Enterprises Sunil Bharti Mittal said.
The first budget of this new decade reimagines India in the form of Aatmanirbhar Bharat like never before, he added.
Echoing similar views, Vedanta Resources Executive Chairman Anil Agarwal tweeted, “Congratulations to @narendramodi and FM @nsitharaman for a very reformist #Budget2021 with many big ideas including strategic disinvestment of two public sector banks & one insurance company. Thrust on infrastructure will boost growth.”
Mahindra Group Chairman Anand Mahindra said in a time of unprecedented economic stress, the government’s responsibility was to spend enough to revive the economy or else face enormous human suffering.
“So I had one expectation from this budget: that we should be very liberal in terms of the targeted fiscal deficit. Box ticked,” Mahindra tweeted.
Lauding the finance minister for the focus on healthcare spending and immunization especially for Covid-19 and the pneumococcal vaccines, Serum Institute of India CEO Adar Poonawalla said this will help India recover rapidly from this pandemic. “Hopefully, this will also encourage more innovation and expansion in the sector,” he added.
Apollo Hospitals Group Chairman Prathap C Reddy said Sitharaman’s announcements to develop primary, secondary and tertiary healthcare systems will provide access to medical care for all in India, fuel job creation and boost economic momentum.
Bringing in the cricketing angle, RPG Enterprises Chairman Harsh Goenka tweeted,”Combination of Pujara & Pant innings - consistency and flamboyance! Steady focus on infra, commercial laws, ease of business with big shots of monetising PSU assets, new divestments, insurance FDI. India won in Australia. Now India shall rise above in new world order”.
Terming the budget visionary and growth-oriented, ITC Chairman and Managing Director Sanjiv Puri said it provides further impetus to build India’s competitiveness as also foster inclusive growth.
“The courageous move for higher borrowing for capital expenditure along with including, but not limited to, focused investments, monetization, incentives for FDI and a method to clean up stressed assets along with a focused tax regime signals liberal direction on fiscal management, encouraging free and fair competition, and general welfare,” said Lal Bhatia, Chairman of David & Goliath Group and Hilshaw Group.