Union Budget 2017-18 quote from Tata Chemicals,TCS, Tata Steel

Union Budget 2017-18 l Mr. R. Mukundan, Managing Director and CEO, Tata Chemicals

Mr. R. Mukundan, Managing Director and CEO, Tata Chemicals:

 Union Budget 2017-18 has given the much-needed boost to rural economy for an inclusive growth.

 It is encouraging that the Union budget is focused at strengthening agriculture and rural economy - from farmer welfare to improving opportunities for youth.

Allocation of a record 1.8 lakh crore towards rural, agriculture and allied sectors, including Rs 10 lakh cr for agriculture credit for 2017-18, dedicated micro-irrigation fund of Rs. 5000 crore, increasing farm insurance by 40% in 2017-18 and 50% by 2018-19, encouraging dairy processing infrastructure, creating the model law on contract farming, encouraging soil testing, assistance of upto Rs 75 lakh for cleaning and packaging of farmer produce and increasing coverage of eNAM are welcome steps towards doubling farm income in the next five years.

With highest ever allocation to MGNAREGA along with application of space technology to make it effective, reflects Government’s strong focus on rural development.

The initiatives announced towards skill development to create employment avenues for the youth surely lays the framework to achieve Government’s promise of 100 million jobs by 2022.

The focus of the budget has been to intensify benefits of the past year’s transformational reforms like the passing of GST Bill and the Demonetisation, as well as a strong thrust on technology and digitalization. The clear approach of ten distinct themes, impacting both economic and social development has demonstrated the FM’s balancing act between government spending and fiscal consolidation.

Further, with announcements on tax reforms, end-to-end transport solutions for logistics, reduction of basic customs duty on LNG from 5% to 2.5%, creation of integrated public sector ‘oil major’ and simplification of labour laws holds a lot of promise.

TCS Quote on Budget 2017-18

 Quote on the Union Budget 2017-18 from TCS.

Rajesh Gopinathan, CFO and VP, TCS

 “The Union Budget 2017-18 focuses on Inclusion, Transparency, Fiscal Responsibility and gives a big push to the Digital economy. It encourages a shift to digital platforms with incentives to payers as well as merchants driving convenience, efficiency and transparency.  An increased allocation to BharatNet  will bring high speed broadband connectivity to more than 1,50,000 gram panchayats, with wifi hot spots and access to digital services at low tariffs. The proposed DigiGaon initiative to provide telemedicine, education and skills through digital technology will increase empowerment."
 I would rate this budget 8/10

 Comment on the Union Budget by Mr. TV Narendran, MD, Tata Steel India & SEA Mr. TV Narendran’s Media Statement: 

“The Union Budget 2017-18 presented by Finance Minister, Arun Jaitley, focuses on fiscal prudence while furthering the agriculture and rural economy for an inclusive growth. The ten distinct themes identified by the Finance Minister impacting both economic and social development, demonstrate the government’s ingenuity in balancing public spending and fiscal deficit. Union Budget attempts to enhance domestic demand by increasing the budgetary layout on the country’s key economic and social segments as well as taking measures to improve the ease of doing business. Focus on areas such as ports, roads, affordable housing, physical infrastructure should provide the economy, the industry and steel sector necessary impetus to meet its growth targets.

 The Steel industry, being a core sector, appreciates the government’s budgetary allocation for infrastructure development. This focus on infrastructure will definitely improve the efficiency and competitiveness of the sector. The government’s plan to put in place a specific programme for development of multi-modal logistics would help the industry . The industry looks forward to working with the government in its plans to develop infrastructure and empower rural communities.”