Khwaja Saifuddin, Senior Sales Director – South Asia, Middle East and Africa – WD
“The budget carries forward the government’s vision of Digital India and Make in India, and had some encouraging announcements especially regarding the development of infrastructure, employment generation and training of the youth. The support that is likely to be meted out to start-ups and SME’s through MUDRA Bank is expected to help the existing 5.77 crore small business units in the country expand their operations besides assisting new start-ups. The proposed reduction in the rate of income tax on royalty and fees for technical services from 25% to 10% will empower small businesses and start-ups digitally and make them important contributors to the Digital India initiative. Similarly, steps taken to enhance the employability of the youth through National Skills Mission and Deen Dayal Upadhyay Gramin Kaushal Yojana will result in the industry having an educated and trained workforce, a must for the Make in India initiative to progress. As the Financial Minister mentioned, this would turn ‘job seekers’ into ‘job creators’. Besides this, the proposal to reduce the basic rate of Corporate Tax from 30% to 25% over the next four years is a welcome move. Not only will this make the business environment in the country more lucrative, it will also lead to higher investments, job creation and growth.â€
