“The first time paperless budget presented in ‘made in India’ tablet brought in much cheer to speed up the economy. Sharp increase in capital expenditure, massive investments in infrastructure, roads and railways and customs duty reduction on certain components to promote domestic manufacturing are very encouraging to further boost the economy and create a self-reliant India. For start-ups this is a great budget with tax incentives and extensions on tax holidays and capital gains exemption. Incorporation of a one person company including residency limit for an Indian citizen to 120 days are all really good measures to increase the number of start-ups in India. Also the change in definition of small company will definitely benefit several enterprises in the form of further simplifying adhering to regulatory and governance requirements. It is estimated that over 2 lac firms will be benefitted as a result of this. Also, tax reforms and simplifying the tax governance to make it easier for companies and individuals is a much welcome move.
Overall, this budget has brought in the much needed boost across several sectors to accelerate the pace to recovery and growth.”