Budget 2021 is very pro-development, pro-transportation: Anupriya Acharya

The Union Budget for 2021-22, presented by Finance Minister Nirmala Sitharaman in Parliament yesterday (February 1, 2021), is being seen as a growth-oriented Budget by the industry. The industry has hailed the various provisions in the Budget to give a boost to MSMEs, start-ups and the massive push for Digital and Atmanirbhar India.

Reacting to the Union Budget 2021-22, Anupriya Acharya, South Asia CEO, Publicis Groupe & President, AAAI, remarked, “Well, going by all views and surveys shared on expectations from the Budget, one was expecting mostly cautious incrementalism, but it is really a great Budget. Budget 2021 is very pro-development, pro-transportation.”

Acharya further said that with the vision of Aatmanirbhar Bharat, the Budget has focus on good governance and women empowerment. She felt that combined with the enhanced spending on the health sector, Budget 2021 should not only help in economic recovery but also in driving strong growth agenda. “Such an increase in Capital expenditure even after the economic crisis due to the pandemic, despite the contraction in economy, bleak global outlook, etc., must definitely be appreciated,” she added.

Acharya also hailed the effort to boost India’s automobile sector and said, “The Union Government’s decision to introduce a voluntary vehicle scrappage policy and a scheme to augment public transport system will really help the auto sector, which has been witnessing a sharp slowdown in sales since 2019.”

She believed that the Government’s facilitation in setting up ‘world-class’ fintech hub will help bring together new technologies like big data, AI and blockchain to transform the way that financial services are delivered, making them cheaper, more efficient, more convenient and more inclusive.

“Multiple measures to incentivise start-ups, like 100 per cent tax exemption for 3 years; amendment of Companies Act to allow new start-ups to register in one day; allowing NRIs to invest through OPC (One Person Company); etc., to open up opportunities in the area of health, hygiene, water, clean air, sanitation, and so on, is also a great move,” she added.

At the same time, Acharya noted that there is no material allocation made to the entertainment industry that was severely affected by the pandemic and lockdowns – with theatres shut down and an halt on productions of films and TV. :However, from an overall advertising and marketing perspective, a Budget that drives growth and hence puts money in the hands of the end consumer, will also benefit media and entertainment, she said, while hoping for the best. “Now all eyes are on execution, which is as critical for success, as the plan,” she stressed.

Acharya commented, “I think all in all it’s a very positive, growth-oriented Budget and it is also heartening to see that there is no increase in taxation, which a lot of people were worried about as seen in the surveys and coverage on expectations from Budget.”