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Quotes on Budget 2021 – Here is how the different stakeholders from the different industry react to the Union Budget 2021

Ritesh Rawal, Founder, Dudes and Dolls The Cosmic School, Adhyay School and Ritesh Rawal Foundations

“The introduction of a new education policy in 2020 was a path-breaking step in itself and today announcement of 15000 schools under NEP has added a tangible element in the vision of universalization of education from preschool to secondary level. In my opinion, a lot of work needs to be done to enhance both quality and access to education in our country especially in the rural areas, and these small steps such as high-quality schools such as Sanik schools, focusing on teachers selection and quality of delivery will surely enhance the quality of education. Replacing 10+ 2, education structure with 5+3+3 +4 model of education will make learning choice based and result orientated. Last year after recognizing Early childhood education as a special segment, the government has taken a much-needed step, as someone who has been dedicatedly working in the early childhood education school segment since 2012, I take this as a very positive step.”

Dr. Sheetal Nair, Corporate Head, DSS Group of Companies

The Pradhan Mantri Gareeb Kalyan Yojana, the three Aatmanirbhar packages and announcements made later were five mini-budgets in themselves. These packages accelerated the pace of structural reforms. So today’s  announcements are bound to give a positive impetus to the ailing industry, the GDP growth projection & the record GST collection in the past few months are a sign that we are fighting well against this global economic  contraction. The impetus of the government to increase the expenditure of both the central and state mechanisms is commendable. Major takeaways, increase infrastructure expenditure, make life easy for the increasing number of senior citizens with no ITR filing & the big push to autonomous industries via Make In India with the domestic mobile manufacturing being mentioned in the budget.

We all are now a part of the new India, Rising India like a Phoenix from the ashes

Dr. Rajesh Mohan Rai – Business Coach, Executive Coach & HR Strategist

In my opinion the Finance Minister had raised lots of expectations before the budget by saying that it is going to be a never before budget, she has done a good job by fulfilling most of the expectations.

The Finance Minister has provided some ray of hope for the MSMEs. Government seems to have takena number of steps to support MSMEs.  The allocation has been doubled to INR 15700 crores as compared to INR 7572 crores inlast year budget. This could have been higher. The Margin money requirements has also been reduced from 25% to 15%. The tax holiday for start- ups has been extended for one more year would help the budding entrepreneurs to take the bold steps. However, the circumstances in which the budget has been presented this is a welcome step.

Finance Minister Nirmala Sitharaman presented introduction of a vehicle scrappage scheme wherein commercial vehicles that are 15 years old or more and personal vehicles more than 20 years old will have to be scrapped. This would support the auto components and accessories companies a great deal in the MSMEs sector.

Budget also proposed a special framework for the MSMEs. According to the Economic Survey
there are 6 crore MSMEs employing 11 crore people contributing 30% to the GDP. Insolvency resolution of MSMEs is intertwined with a fresh start process i.e., insolvency resolution and debt discharge for individuals. This is because the owner of MSME is usually the guarantor of debt; the personal assets being the collateral.Insolvency of MSMEs have certain peculiarities and hope the notified scheme takes care of the same.

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