Post Budget Reaction from Corporates

Dinesh Shahra, Founder and MD, Ruchi Soya Industries Limited.

“It is heartening to see the rural focus of the budget and the championship of farmers causes through the various announcements, especially the highest ever allocation to MGNREGA. The increase in Agri credit to 10 lakh crores will help ease farmers’ access to funds. The focused funds on irrigation and micro-irrigation to be set up by NABARD will aid the farmers access the latest irrigation technology to counteract the uncertain monsoon. The increased coverage under the Fasal Bima Yojana will help farmers survive unforeseen factors that may affect their crop. The future looks bright with the promise of a new law on Contract farming. The denotification of perishables from the APMCs as well as the upgradation and increase of the e-NAMs will help farmers sell their produce for the best price in a transparent system. The special Dairy Processing Infrastructure Fund will encourage investment in dairy industry and help to introduce modern technology into the industry.”

Request you to reach out to me in case of any further queries on this.

We would be glad to arrange for a one-on-one/telephonic interaction with the spokesperson with regard to the Budget.

T.S.Kalyanaraman, Chairman and Managing Director, Kalyan Jewellers

Commenting on the India Union Budget 2017, T.S.Kalyanaraman, Chairman and Managing Director, Kalyan Jewellers said, ”The budget is growth-oriented with its emphasis on strengthening the rural economy, affordable housing and encouragement to Indian medium and small enterprises.

The reduction in taxation to 5% from 10% for salaried persons in the Rs. 2 lakh to Rs. 5 lakh bracket will provide relief and more disposable income in the hands of the consumers. The target to double farm income in 5 years will be beneficial to the sector as rural India constitutes more than half of jewellery purchases. The ban on cash transactions over Rs. 3 lakh will bring transparency and benefit organised branded jewellery players. However, we were looking forward to some relief in gold import duties and presentation of PAN card for purchases of jewellery beyond Rs. 2 lakh and above which has not found any mention in the budget.”

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