Post-Budget reaction by Xerox India

Post-Budget quote from Managing Director of Xerox India Rajat Jain:

The maiden budget presented by the new government has been high on intent and has laid out initial steps to kick-start growth, tame inflation, fiscal consolidation, attract foreign capital as well as push through economic reforms. A composite cap of foreign direct investment (FDI) in defense and insurance raised from 26 percent to 49 percent will provide a big relief to the capital-starved private insurance sector and get much needed capital from overseas partners. The requirement of the built up area and capital conditions for FDI is being reduced from 50,000 sq m to 20,000 sq m and from USD 10 million to USD 5 million respectively with a three years post completion lock-in; thereby encouraging development of smart cities. Further, government’s move towards proposing Rs. 7060 crore to develop 100 smart cities will lead to rapid urbanization and help accommodate the burgeoning population migrating from rural to urban areas to reap the benefits of overall growth and advancement. 

The investment of INR 500 crore for setting up IITs and IIMs will help to meet the huge demand for skilled workforce in India. The 10,000 crore startup fund for new business will surely bring a huge boost in skilling the youth and empowering them. The government’s focus on infrastructure, MSME, agriculture and rural supply chain is a step in the right direction and will help sustain growth. Further, the government’ step to operationalize SEZs will revive investors’ interest to develop better infrastructure and to effectively and efficiently use the available unutilized land. This move will help in strengthening  industrial production, economic growth, export promotion and employment generation.  Though the budget signals progressive reformation of the economy, we are yet to see what solution the government brings in to GST, it being a significant tax reform measures. Additionally, there hasn’t been any change to the current retrospective taxation rules, however, the government assured that all retro tax cases will be scrutinized by a high level committee.

Post-Budget reaction by Xerox India

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