Finance minister Arun Jaitley has presented the Union Budget 2017 today at parliament. Post which we have captured reaction from the prominent startups in the market. A
Vivek Mathur, CEO at Giftease.com - Overall, the budget stays on the path of fiscal prudence, with no major populist measures or sops. Continuing strong emphasis on digital payments is particularly good for our sector, and necessarily needs to accompany remonetisation. Tax benefits to SMEs and individuals in the lower slabs should have some positive for consumption, but I believe the expectations were higher, particularly considering the measures to increase the taxpayer base. In terms of policy shifts, the easing of FDI is positive , but the details and schedules remain to be seen.
The overall budget seems to be another big step towards a digital India and it is rightly so! A strong weightage for digital payments is principally good in the long run for the e-commerce sector. Tax relief to SMEs and revised tax slabs for individuals will surely promote more investment thus helping the economy grow. Policy changes with regards to ease of FDI are extremely encouraging and we are now looking forward to the suggestion made by the expert panel for the implementation of GST. – Vinamra Pandiya, CEO and Founder – Qtrove.com
Mr. Sachin Goel, CEO, HomePunch.com, an online marketplace for home and kitchen appliances.
The Budget gives us a sense of confidence as a start-up, where investment in further development of e com platforms looks promising . The FM has been generous with reduced taxes for small companies and the provision of tax on profits for three out of seven years compared to earlier three out of five years. Tax relief for individuals in lower income band (from 2.5 to 5 lac) will boost consumerism owing to higher disposable income. Focus on pushing the digital payments practice, youth and jobs are also other welcome moves, which will lead to increasing economic activity and economy moving towards growth environment for ecom.
Mr. Aurvind Lama Co-founder CEO of Mr. Lama, Travelyaari " A lot was expected from this year Union Budget, not all but we are happy to see few of them being fulfilled .The union budget presented bought in progressive outlook with due importance given to infrastructure development and tech development. The investment proposed in building National Highways along with developing road network is a welcome step especially for player like us in bus industry. This infrastructural development will greatly benefit the travel and tourism. Focus on improving internet and broadband connection in rural areas will go a long way to digitize cashless economy and connecting them to the main stream. The governments focus on inclusion and encouragement of the MSME sector along with Startups is also visible. Profit linked deductions to 3 years out 7 will be helpful for emerging startup players. ."
Amaresh Ojha, Founder and CEO Gympik "'Budget 2017 has been positive for the startup sector, the increase in window will give more time to start-ups to reach a stage when they start earning profits before they exercise their option for income tax exemption.This will be a good news for the companies which are in hyper growth mode. This tax reduction was much needed for smaller companies. A lot of attention has been put in the healthcare and wellness domain. Expecting the government to implement all the plans and policies effectively for the coming financial year.'"
Mr Gursahib Singh Sethi, Co-Founder, Travkart.com "The budget will be a soothing balm for economy and tax payers. Further to the announcement for increase in railway connectivity to the remote areas and upgradation of airports in Tier 2 cities, a huge number of people will be able to travel smoothly from Tier 2 and Tier 3 cities. The high speed internet connectivity in rural areas will be the biggest advantage to them. This will help them to do more purchasing and online bookings. We are expecting more travel coming ahead. Along with this, reducing the income tax to 5% for the people having an earning bracket of 2.5 lac -5 lacs, it will be a crucial factor in their saving. This will increase their budget to travel and will also motivate youngster and young entrepreneurs to pay taxes. "
Abolition of FIPB: Government has signaled clear and loud that it is committed to liberalizing FDI policy to attract more more investments. Once the FDI reforms are announced, they will not only attract fresh funds into the current startup ecosystem, but will also promote new ventures in many untapped or undeserved sectors of economy.
Merchant enabled Aadhar Pay system: Digital payments play a pivotal role in ensuring consistent customer experience and increasing verified transactions. New merchant enabled Aadhar payments will bring many new consumers who do not have a debit card, into the digital payment environment. This will help startups improve their user identification and engagement.
Schemes to promote BHIM: Mobile penetration has still not peaked in the country. Even those who don’t have Pan card, have a mobile phone. Also a large consumer base of housewives, teenagers, dependent parents etc who are currently transacting on cash, will now be able to use linked accounts for transactions. This will further help startups to increase prepaid contribution to overall transactions.
Income Tax rate for companies with turnover of over Rs 50 crore has been reduced to 25%: It will not impact tech startups and ecommerce companies directly. But it is a very positive move for the seller ecosystem. Lakhs of sellers are finding new avenues with the growing ecommerce industry in the country. These sellers will benefit from the government move and will be able to plough back money in further scaling up."
Mrs. Ratna Chadha, Chief Executive, TIRUN, an exclusive India representative of Royal Caribbean Cruises Ltd. "The union budget we hope will have a positive impact on the tourism industry which is a great employment generator, resulting in a significant multiplier effect on the economy. We are happy to see infrastructure development at airports in tier 2/3 cities, as most of the aspirational India resides here. As Indian representative for Royal Caribbean Cruises Ltd., we want to cater to Indians who aspire to explore the world differently."
RATNA CHADHA Chief Executive, TIRUN Travel Marketing
India Representative: Royal Caribbean Cruises Ltd
Pioneer of Cruise Travel in India
The Chief Executive of TIRUN, Mrs. Ratna Chadha has been at the helm of introducing various global travel products and pioneered the concept of cruise vacations in India over the past two decades. As an entrepreneur who is today an established industry veteran, Mrs. Chadha has harnessed her innate business growth abilities to change the way India vacations.
Mrs. Chadha has over 39 years of experience within the travel industry, having worked with various leading travel brands during her career. An honours graduate from India’s premiere educational institute, Lady Shri Ram College, Mrs. Chadha initiated her career when she was selected as a management trainee by ITC’s Welcomgroup Hotels division in 1977, and, subsequently spent over a decade in various roles within the organisation.
In 1991, Mrs. Chadha along with her husband, Mr. Gautam Chadha, established the franchise of Discover the World Marketing (DTWM) in India, representing global travel brands in the country including Hertz, US Airways, Embassy Suites, Hampton Inn Hotels, Universal Studios and subsequently Royal Caribbean Cruises Ltd. in 1993. In her initial capacity as Director of Sales and Marketing, Mrs. Chadha spearheaded the strategic development of all brands and drove all sales channels, leading to year-on-year growth and industry ‘benchmarks’ of service quality across products. By 2001, DTWM-India was rechristened as TIRUN Travel Marketing, from there on focusing exclusively on cruise vacations promoting the three cruise brands within the umbrella of Royal Caribbean Cruises Ltd. – Royal Caribbean International, Celebrity Cruises and Azamara Club Cruises. In 2012, Mrs Chadha assumed the role of Chief Executive of TIRUN Travel Marketing.
In 2013, TIRUN Travel Marketing celebrated 20 years of its partnership with Royal Caribbean Cruises Ltd. in India. The success of this continued relationship and growth is a reflection of Mr. Gautam Chadha’s leadership, which is now carried forth by Mrs. Ratna Chadha and her team. TIRUN Travel Marketing is currently headquartered out of New Delhi, with a network of five proprietary offices in New Delhi, Ahmedabad, Bangalore, Chennai and Mumbai, as well as representative presence in Hyderabad and Kolkata.
About TIRUN:
TIRUN Travel Marketing is the exclusive India Representative for Royal Caribbean Cruises Ltd. with a portfolio of 3 of its cruise brands including Royal Caribbean International, Celebrity Cruises and Azamara Club Cruises. A leading travel marketing company, TIRUN along with Royal Caribbean Cruises Ltd. pioneered the concept of cruising in India in 1993 and continues to successfully undertake exclusive sales and marketing for the various brands while also providing operational support pan-India. Headquartered in New Delhi, the company has on ground presence in Mumbai, Ahmedabad, Bangalore, Chennai, Cochin, Pune & Kolkata. Today TIRUN is the most invested and experienced Cruise Company in the country.
Incepted in 1991 as Discover the World Marketing (DTWM), and later rechristened to TIRUN in the year 2001, the Company has introduced many acclaimed international brands to the country, some of which include US Airways, Hyatt Hotels, Hertz and Universal Studio's.
Mr Sankalp Chopra, Co-founder, SeaSoul Cosmeceuticals "The focus on energising youth & create jobs would help the young companies like our benefit and support by attracting young & energised talent especially now tax slabs have been reduced. Along with this improved and high speed broadband connection in rural and tier 2 and 3 cities will be critical for the companies Especially for those who wants to propagate into tier 2 & tier 3 markets not just to sell products but also to upskill at low low cost using digital platforms.
Mr. Anil Sardana’s Media Statement:
“We commend the efforts that the government has undertaken to bring a positive structure into the economy by moving towards a policy based administration with an increased focus on digitisation. The government’s commitment to rural electrification and the announcement of an additional 20,000 MW of solar target is a welcome step that gives a much needed boost to the renewable sector. However, we believe that for renewable sector to achieve its potential strengthening the Renewable Purchase Obligations (RPO) mechanism is essential and should be part of government’s larger vision for renewable energy.
The move towards improving electricity access to rural India will be instrumental in contributing to the social and economic development of the country. Tata Power will also continue to amplify government’s initiatives for rural development, as we partner with surrounding communities. The increased budget for the Deen Dayal Gram Jyoti Yojana will strengthen and uphold the ongoing work of feeder separation and sub-transmission & distribution infrastructure. This is a positive step towards augmenting the reliability and quality of supply distribution network which is affected due to poor financial health of discoms.
We are hopeful that our long pending demand that the electricity sector will be included in the GST regime will soon set into a roll-out stage.
Further, the reduction of individual taxation rates and provision to increase taxation net alongside clarity in taxation processes are also positive moves and we applaud the government’s efforts in initiating these reforms. We are also in support of this government’s reforms directed towards curbing corruption and bringing about a transparent system.”
Post Budget Quote from Daiwa on Electronic Manufacturing in India
We thank the Indian government for including such incentives in the Union Budget. The announcement of INR 745 Cr for electronic manufacturing in the country is further going to attract global innovators to make India as a hub for manufacturing tech and electronic products. The same, in addition to the GST Bill, meant at streamlining taxes and costs, is surely going to boost up the morale of the electronic manufacturing industries.
However, the problem still does not get solved as we continue to import the material used in the manufacturing from neighboring countries, such as China. The government must focus on bringing in the manufacturers of raw materials i.e. different types of components, parts, open cell etc. in order to truly achieve the dream of MAKE in INDIA.
Budget reaction quote from Mr. Jay Chen, CEO, Huawei India.
“We at Huawei Telecommunications India are pleased to note that the current budget strongly supports the progressive vision of a Digital India set by Hon’ble Government. The allocation of Rs 10,000 crore towards BharatNet will give an overall boost to broadband connectivity in the country. The success of the BHIM app and announcements related to its promotion, Aadhar based swipe machines, and tax exemption to those who use Aadhar based POS machines, will all help accelerate acceptance of digital payments. Furthermore, initiatives like ‘Digital Village’ and ‘Digi-Gaun’ will significantly extend the benefits of digitization to rural India and contribute to a Better Connected India”
post budget comment from Dr Kaushik Murali, President - Medical Administration, Sankara Eye Foundation. Request to kindly incorporate in your story.
Healthcare was among the 10 focus areas of the budget. They appear to have consolidated on schemes announced earlier. The visible allocation has been to maternal and child health and primary health care , an impetus with healthcare having infra status or to spur device manufacturing is not immediately evident. In the long term the programs on skilling, sanitation could improve overall healthcare. With most healthcare being out of pocket MNREGA allocation may also help increase access.
“The Government’s effort towards giving special focus on the rural economy is a welcome step. The Agriculture sector is expected to grow at 4.6% in 2017-18 over the previous year and Rs 10 lakh crores as credit to farmers will fuel this growth which is good news for the agri and allied sector players. The flagship program of PM Shri Narendra Modi for farmers - Fasal Bima Yojna is a major step to secure farmers against natural calamities. Fasal Bima Yojana coverage is to be increased from current 30% to 40% in 17-18 and 50% in 2018-19. Setting up of soil testing labs in KVKs is another boost for the agriculture sector. These labs would help farmers to assess the actual nutritional requirements for their farmland and limit unnecessary expenditure on fertilizer. Additionally the micro-irrigation fund will benefit lakhs of farmers to proper and systemic irrigation facilities.
Vivek Mathur, CEO at Giftease.com - Overall, the budget stays on the path of fiscal prudence, with no major populist measures or sops. Continuing strong emphasis on digital payments is particularly good for our sector, and necessarily needs to accompany remonetisation. Tax benefits to SMEs and individuals in the lower slabs should have some positive for consumption, but I believe the expectations were higher, particularly considering the measures to increase the taxpayer base. In terms of policy shifts, the easing of FDI is positive , but the details and schedules remain to be seen.
The overall budget seems to be another big step towards a digital India and it is rightly so! A strong weightage for digital payments is principally good in the long run for the e-commerce sector. Tax relief to SMEs and revised tax slabs for individuals will surely promote more investment thus helping the economy grow. Policy changes with regards to ease of FDI are extremely encouraging and we are now looking forward to the suggestion made by the expert panel for the implementation of GST. – Vinamra Pandiya, CEO and Founder – Qtrove.com
Mr. Sachin Goel, CEO, HomePunch.com, an online marketplace for home and kitchen appliances.
The Budget gives us a sense of confidence as a start-up, where investment in further development of e com platforms looks promising . The FM has been generous with reduced taxes for small companies and the provision of tax on profits for three out of seven years compared to earlier three out of five years. Tax relief for individuals in lower income band (from 2.5 to 5 lac) will boost consumerism owing to higher disposable income. Focus on pushing the digital payments practice, youth and jobs are also other welcome moves, which will lead to increasing economic activity and economy moving towards growth environment for ecom.
Mr. Aurvind Lama Co-founder CEO of Mr. Lama, Travelyaari " A lot was expected from this year Union Budget, not all but we are happy to see few of them being fulfilled .The union budget presented bought in progressive outlook with due importance given to infrastructure development and tech development. The investment proposed in building National Highways along with developing road network is a welcome step especially for player like us in bus industry. This infrastructural development will greatly benefit the travel and tourism. Focus on improving internet and broadband connection in rural areas will go a long way to digitize cashless economy and connecting them to the main stream. The governments focus on inclusion and encouragement of the MSME sector along with Startups is also visible. Profit linked deductions to 3 years out 7 will be helpful for emerging startup players. ."
Amaresh Ojha, Founder and CEO Gympik "'Budget 2017 has been positive for the startup sector, the increase in window will give more time to start-ups to reach a stage when they start earning profits before they exercise their option for income tax exemption.This will be a good news for the companies which are in hyper growth mode. This tax reduction was much needed for smaller companies. A lot of attention has been put in the healthcare and wellness domain. Expecting the government to implement all the plans and policies effectively for the coming financial year.'"
Mr Gursahib Singh Sethi, Co-Founder, Travkart.com "The budget will be a soothing balm for economy and tax payers. Further to the announcement for increase in railway connectivity to the remote areas and upgradation of airports in Tier 2 cities, a huge number of people will be able to travel smoothly from Tier 2 and Tier 3 cities. The high speed internet connectivity in rural areas will be the biggest advantage to them. This will help them to do more purchasing and online bookings. We are expecting more travel coming ahead. Along with this, reducing the income tax to 5% for the people having an earning bracket of 2.5 lac -5 lacs, it will be a crucial factor in their saving. This will increase their budget to travel and will also motivate youngster and young entrepreneurs to pay taxes. "
Mr. Sujayath Ali, Co-founder and CEO, Voonik "4 ways the Budget 2017 will benefit Startups
Abolition of FIPB: Government has signaled clear and loud that it is committed to liberalizing FDI policy to attract more more investments. Once the FDI reforms are announced, they will not only attract fresh funds into the current startup ecosystem, but will also promote new ventures in many untapped or undeserved sectors of economy.
Merchant enabled Aadhar Pay system: Digital payments play a pivotal role in ensuring consistent customer experience and increasing verified transactions. New merchant enabled Aadhar payments will bring many new consumers who do not have a debit card, into the digital payment environment. This will help startups improve their user identification and engagement.
Schemes to promote BHIM: Mobile penetration has still not peaked in the country. Even those who don’t have Pan card, have a mobile phone. Also a large consumer base of housewives, teenagers, dependent parents etc who are currently transacting on cash, will now be able to use linked accounts for transactions. This will further help startups to increase prepaid contribution to overall transactions.
Income Tax rate for companies with turnover of over Rs 50 crore has been reduced to 25%: It will not impact tech startups and ecommerce companies directly. But it is a very positive move for the seller ecosystem. Lakhs of sellers are finding new avenues with the growing ecommerce industry in the country. These sellers will benefit from the government move and will be able to plough back money in further scaling up."
Mrs. Ratna Chadha, Chief Executive, TIRUN, an exclusive India representative of Royal Caribbean Cruises Ltd. "The union budget we hope will have a positive impact on the tourism industry which is a great employment generator, resulting in a significant multiplier effect on the economy. We are happy to see infrastructure development at airports in tier 2/3 cities, as most of the aspirational India resides here. As Indian representative for Royal Caribbean Cruises Ltd., we want to cater to Indians who aspire to explore the world differently."
RATNA CHADHA Chief Executive, TIRUN Travel Marketing
India Representative: Royal Caribbean Cruises Ltd
Pioneer of Cruise Travel in India
The Chief Executive of TIRUN, Mrs. Ratna Chadha has been at the helm of introducing various global travel products and pioneered the concept of cruise vacations in India over the past two decades. As an entrepreneur who is today an established industry veteran, Mrs. Chadha has harnessed her innate business growth abilities to change the way India vacations.
Mrs. Chadha has over 39 years of experience within the travel industry, having worked with various leading travel brands during her career. An honours graduate from India’s premiere educational institute, Lady Shri Ram College, Mrs. Chadha initiated her career when she was selected as a management trainee by ITC’s Welcomgroup Hotels division in 1977, and, subsequently spent over a decade in various roles within the organisation.
In 1991, Mrs. Chadha along with her husband, Mr. Gautam Chadha, established the franchise of Discover the World Marketing (DTWM) in India, representing global travel brands in the country including Hertz, US Airways, Embassy Suites, Hampton Inn Hotels, Universal Studios and subsequently Royal Caribbean Cruises Ltd. in 1993. In her initial capacity as Director of Sales and Marketing, Mrs. Chadha spearheaded the strategic development of all brands and drove all sales channels, leading to year-on-year growth and industry ‘benchmarks’ of service quality across products. By 2001, DTWM-India was rechristened as TIRUN Travel Marketing, from there on focusing exclusively on cruise vacations promoting the three cruise brands within the umbrella of Royal Caribbean Cruises Ltd. – Royal Caribbean International, Celebrity Cruises and Azamara Club Cruises. In 2012, Mrs Chadha assumed the role of Chief Executive of TIRUN Travel Marketing.
In 2013, TIRUN Travel Marketing celebrated 20 years of its partnership with Royal Caribbean Cruises Ltd. in India. The success of this continued relationship and growth is a reflection of Mr. Gautam Chadha’s leadership, which is now carried forth by Mrs. Ratna Chadha and her team. TIRUN Travel Marketing is currently headquartered out of New Delhi, with a network of five proprietary offices in New Delhi, Ahmedabad, Bangalore, Chennai and Mumbai, as well as representative presence in Hyderabad and Kolkata.
About TIRUN:
TIRUN Travel Marketing is the exclusive India Representative for Royal Caribbean Cruises Ltd. with a portfolio of 3 of its cruise brands including Royal Caribbean International, Celebrity Cruises and Azamara Club Cruises. A leading travel marketing company, TIRUN along with Royal Caribbean Cruises Ltd. pioneered the concept of cruising in India in 1993 and continues to successfully undertake exclusive sales and marketing for the various brands while also providing operational support pan-India. Headquartered in New Delhi, the company has on ground presence in Mumbai, Ahmedabad, Bangalore, Chennai, Cochin, Pune & Kolkata. Today TIRUN is the most invested and experienced Cruise Company in the country.
Incepted in 1991 as Discover the World Marketing (DTWM), and later rechristened to TIRUN in the year 2001, the Company has introduced many acclaimed international brands to the country, some of which include US Airways, Hyatt Hotels, Hertz and Universal Studio's.
Mr Sankalp Chopra, Co-founder, SeaSoul Cosmeceuticals "The focus on energising youth & create jobs would help the young companies like our benefit and support by attracting young & energised talent especially now tax slabs have been reduced. Along with this improved and high speed broadband connection in rural and tier 2 and 3 cities will be critical for the companies Especially for those who wants to propagate into tier 2 & tier 3 markets not just to sell products but also to upskill at low low cost using digital platforms.
Post-budget media statement of Mr. Anil Sardana, MD & CEO, Tata Power.
Mr. Anil Sardana’s Media Statement:
“We commend the efforts that the government has undertaken to bring a positive structure into the economy by moving towards a policy based administration with an increased focus on digitisation. The government’s commitment to rural electrification and the announcement of an additional 20,000 MW of solar target is a welcome step that gives a much needed boost to the renewable sector. However, we believe that for renewable sector to achieve its potential strengthening the Renewable Purchase Obligations (RPO) mechanism is essential and should be part of government’s larger vision for renewable energy.
The move towards improving electricity access to rural India will be instrumental in contributing to the social and economic development of the country. Tata Power will also continue to amplify government’s initiatives for rural development, as we partner with surrounding communities. The increased budget for the Deen Dayal Gram Jyoti Yojana will strengthen and uphold the ongoing work of feeder separation and sub-transmission & distribution infrastructure. This is a positive step towards augmenting the reliability and quality of supply distribution network which is affected due to poor financial health of discoms.
We are hopeful that our long pending demand that the electricity sector will be included in the GST regime will soon set into a roll-out stage.
Further, the reduction of individual taxation rates and provision to increase taxation net alongside clarity in taxation processes are also positive moves and we applaud the government’s efforts in initiating these reforms. We are also in support of this government’s reforms directed towards curbing corruption and bringing about a transparent system.”
Post Budget Quote from Daiwa on Electronic Manufacturing in India
quote from Mr Arjuun Bajaj, CEO and Founder, Daiwa
We thank the Indian government for including such incentives in the Union Budget. The announcement of INR 745 Cr for electronic manufacturing in the country is further going to attract global innovators to make India as a hub for manufacturing tech and electronic products. The same, in addition to the GST Bill, meant at streamlining taxes and costs, is surely going to boost up the morale of the electronic manufacturing industries.
However, the problem still does not get solved as we continue to import the material used in the manufacturing from neighboring countries, such as China. The government must focus on bringing in the manufacturers of raw materials i.e. different types of components, parts, open cell etc. in order to truly achieve the dream of MAKE in INDIA.
Budget Reaction Quote: Huawei India
Budget reaction quote from Mr. Jay Chen, CEO, Huawei India.
“We at Huawei Telecommunications India are pleased to note that the current budget strongly supports the progressive vision of a Digital India set by Hon’ble Government. The allocation of Rs 10,000 crore towards BharatNet will give an overall boost to broadband connectivity in the country. The success of the BHIM app and announcements related to its promotion, Aadhar based swipe machines, and tax exemption to those who use Aadhar based POS machines, will all help accelerate acceptance of digital payments. Furthermore, initiatives like ‘Digital Village’ and ‘Digi-Gaun’ will significantly extend the benefits of digitization to rural India and contribute to a Better Connected India”
Post Budget Comment - Sankara Eye Hospital
post budget comment from Dr Kaushik Murali, President - Medical Administration, Sankara Eye Foundation. Request to kindly incorporate in your story.
Healthcare was among the 10 focus areas of the budget. They appear to have consolidated on schemes announced earlier. The visible allocation has been to maternal and child health and primary health care , an impetus with healthcare having infra status or to spur device manufacturing is not immediately evident. In the long term the programs on skilling, sanitation could improve overall healthcare. With most healthcare being out of pocket MNREGA allocation may also help increase access.
Post Budget Comment: Dhanuka Agritech- Mr. MK Dhanuka, Managing Director
The Government’s commitment to double farmer’s income in five years will improve farmer’s financial condition. Allocation of Rs. 23000 crore for PM Awas Yojna, setting up dairy processing infrastructure fund & plans to make 50000 gram panchayats poverty free by 2019 clearly demonstrate government’s thrust for agriculture & rural development