I have no views on the budgets – ever. It is a media event and once upon a time it used to be a Rs. 50L property as they called it. Now it must be a Rs. 5 crore property…so let the media enjoy it. PR agencies draft some shit and present it as their client’s view of the budget. Again, it may or may not make sense. However the CEOs ego is hurt if nobody carries their view..and some poor kid will get scolded and scalded if nobody carries it. So here..carrying some views..you don’t have to read it…but if you do, good for the kids who sent it to me. Caveat: I have not read it.

Following the Union Budget announcement 2019, I take this opportunity to share the comments/ reactions on behalf of:-
  • Mr. Alok Mittal, an active angel investor and CEO & Co-founder Indifi Technologies
  • Mr. Gaurav Jalan, Founder & CEO, mPokket
  • Mr. Kumar Abhishek, CEO & Co-founder, ToneTag. 
 
Mr. Alok Mittal, CEO & Co-founder Indifi Technologies & active angel investor (Indifi Technologies is a Debt Financing platform for SME’s in India)
“We duly welcome the budget announcements made, specifically pertaining to MSMEs and digital payments segment. The government has undertaken strong steps to give a big boost to MSMEs while encouraging and facilitating a cashless economy. The budget has contributed to three most important factors for MSMEs-ease of credit accessibility, greater security for small players through the pension offering and greater transparency as well as convenience in tax processes.

The government has proposed to establish an online portal that will enable loans of INR 1 crore to be distributed to MSMEs within 59 minutes, which immensely enhances the ease of credit for MSME enterprises. Additionally, the government also planned to establish a payment portal dedicated to MSMEs that can eliminate the delays in payments”

 
Mr. Gaurav Jalan, Founder & CEO, mPokket (A digital lending platform offering short term personal loans to college students )
The budget announcements made regarding startups and popularizing digital transactions are steps in the right direction. The potential resolution of the Angel Tax issue is a big relief as with requisite declarations both start-ups and individual angel investors will be spared from scrutiny on valuation and share premium. Moreover, by levying 2% TDS on cash withdrawals exceeding Rs. 1cr in a year from a bank account, the budget has taken concrete steps towards discouraging cash transactions and enabling widespread adoption of digital payments. We believe the government has taken meaningful steps to bolster the growth of the startup ecosystem as well as promoting a cashless economy, and we are looking forward to the Indian economy growing rapidly in the next 5 years!
Mr. Kumar Abhishek, CEO & Co-founder, ToneTag (A global technology solution provider, harnessing the power of ‘Sound’ for contactless payments)
“The growth of a rapidly developing economy like India definitely lies in developing a more robust and frictionless cashless payment system. The proposed initiatives by the Government to promote digital modes of payment will help in reducing the infrastructural cost of cash management and contribute towards a transparent economy.” 

the post-budget reaction by Mr. Ajay Piramal, Chairman, Piramal Group. Have also attached his photograph for your reference.

“The Union Budget 2019 is marked with a long term 10-year vision while retaining focus on the immediate priorities. The government’s roadmap to position the economy for future sustainable growth will resonate with both domestic and international stakeholders. India now approaching the global markets to raise sovereign debt, indicates the country’s readiness to be sized amongst the best in the world. This is a huge vote of confidence in the economy and its trajectory.

 

The focused impetus for sustainable job creation via targeted investment in infrastructure projects and other productive sectors of the economy, will have a cascading effect on secondary and tertiary employment. The mission to provide housing for all by 2022 has the potential not just for growth in downstream sectors such as cement and steel but also for overall job creation in these crucial industries.

 

We are happy to see the government signal its confidence for a well-financed, robust NBFC sector through the one-time six-month partial credit guarantee.  This development would be an important milestone for the NBFC sector that is crucial for the sustained growth of the economy. We welcome the regulations and norms that have been proposed by the Finance Minister on the NBFC sector that would raise transparency and reinstate trust in this vital sector.

 

The detailed plan of action provided in this budget to address long standing issues like a deeper debt market by invoking higher foreign participation will certainly help in lowering the real borrowing costs of India Inc. and help revive the momentum in private investment.

 

The move to encourage higher participation of FIIs and FPIs in debt securities would provide the much-needed capital boost which would in turn, support real estate and automobile sectors that are currently suffering from dampened demand.

 

In addition, the proposed social stock exchange is an innovative approach to raise funds for institutions committed to improving the wellbeing of larger masses. The government has tabled a growth-positive budget and I look forward to see its impact unfold in the coming months.“

budget quote from Mr. Sunil Sharma, President, Institute of Actuaries of India, for your reference.

“The budget has announced various measures to support the financial service sector which include allocation of 70,000 cr to enhance the credit facility, Regulation of HFCs (Housing Finance Cos) to move to RBI from National Housing Bank which will help strengthen the regulatory Frame work of NBFCs.

So far the insurance sector is concerned, allowing 100% FDI in distribution will help entry of overseas Insurance brokers to setup their distribution arm  in India and eventually will help enhance t he insurance  penetration”.

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