Industry react on Budget 2016

Post-budget reaction from the Industry on the Union Budget 2016


Mr Richard van der Merwe, vice chairman and managing director and CEO of Bayer CropScience

Healthcare sector neglected Again: Mr Vishal Bali, co-founder and chairman, Medwell Ventures
"Budget 2016 once again neglects the overall development of the healthcare sector. For a sector that has an intense demand supply gap, the finance minister has given it a cursory attention. There is no fundamental change to increase public healthcare spending and give it the necessary boost towards 2 percent of GDP. The budget is also silent on Universal Healthcare coverage agenda which has been often discussed by the Govt. Healthcare should have been an integral part of the focus that has been given to infrastructure. The decision to provide health insurance coverage of 1lac to senior citizens of BPL families is a good move besides the step to launch a National Dialysis services program under PPP structure. The NCD epidemic in India has not been given any attention towards increased allocation. The announcement of tax holiday for startups for three of five years of setting up the company might encourage innovative healthcare firms to set up their business to usher in the much change that is likely to make healthcare sector more technology-driven. Holding fiscal deficit at 3.5 percent of the GDP is a good but healthcare given the miss as a national agenda."

Post budget reaction on the Union Budget 2016 by Mr Richard van der Merwe, vice chairman and managing director and CEO of Bayer CropScience.

"The Union Budget has set the direction for a balanced growth, emphasizing on increasing agricultural productivity and reducing rural distress through a host of social reforms. The Finance Minister's proposal to focus on agriculture and farmers' welfare and allocation of over Rs. 5000 crore towards crop insurance scheme, direct benefit transfers for fertilizers, enhanced irrigation acreage and agri credit targets to the tune of Rs. 9 lakh crore is a very welcome move. The outlay towards development of roads and national highways will help in the movement of perishable goods, alleviating wastage of produce and maximizing returns for farmers on one hand and driving accessibility and price parity across the country for end consumers on the other. All in all the finance minister has tried his level best to bring back focus to the core sectors with his nine pillars agenda."

Comments of Mr Hari Bhartia, co-chairman and managing director, Jubilant Life Sciences, on Central Budget

Commenting on the Budget presented by the Finance Minister, Mr Hari S Bhartia, co-chairman and managing director, Jubilant Life Sciences said that overall it is a very balanced Budget and would give a boost to growth sentiments and revive domestic economy. The Finance Minister has kept the fiscal discipline by keeping the budget deficit to 3.5 percent in 2016-17. This will give greater confidence to investors, both in India and overseas.


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