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<ul><li>Finance Minister Nirmala Sitharaman presented the Union Budget for 2022-23 in Parliament on Tuesday.</li><li>This year's budget is indexed towards startups, MSMEs, infrastructure projects, rural revival, digital payment apps, telecom growth and affordable housing.</li><li>We reached out to digital, media and creative agencies to understand how the increased focus on digitalisation, sustainability, blockchain and push to MSME can impact the ad and marketing industry.</li></ul>Be it the introduction of a Digital University to make education accessible across the country or the proposed launch of a Digital currency by the Reserve Bank of India to the government’s focus on promoting digital payments and fintech, Finance Minister Nirmala Sitharaman made it is clear that digital is the way forward. The Union Budget 2022-23 aims to boost the country's digital infrastructure and enable a cashless economy. The government also announced that it will set up an Animation, Visual Effects, Gaming and Comics (AVGC) promotion task force to give a push to the animation and gaming industry. To facilitate the roll-out of 5G mobile services in India, FM Sitharaman said that Spectrum auctions will be conducted in 2022. This, in turn, will give impetus to Voice, Augmented Reality and Virtual Reality and pave the way for the Metaverse. The Digital Rupee using blockchain will help Indians accept virtual currency and accelerate cryptocurrency exchange in India. Overall, the budget also shows a promise for Electric Vehicle brands, digital payment apps, MSMEs, gaming industry and start-ups. We reached out to digital, media and creative agencies to understand how the increased focus on digitalisation, sustainability and blockchain can impact the advertising and marketing industry. Here’s what they said: Anupriya Acharya, South Asia CEO, Publicis Groupe: The Budget is positive, growth-oriented and with reforms in the right direction. The advent of 5G is sure to transform communications – for our industry it will help creation of better AV, voice and AR/VR experiences. It will also fuel digital payments, streaming entertainment, gaming, e-commerce, tele-medicine etc which in turn will aid more Unicorns! It is also heartening to note that a special Task Force is being set up for AVGC (Animation, Visual Effects, Gaming and Comic) as this will help us build the much needed capacity both for domestic as well as global markets. And then there have been no changes in income-tax slabs for people, which many consumer segments were worried about. This in turn boosts consumer sentiment. From e-passports, to battery swapping for electric vehicles, setting up of optic fiber in the remotest of villages, setting up of a digital university and skilling through an e-portal, the big push is for technology, digital infrastructure and empowerment. Narayan Devanathan, Chief Client Officer, dentsu India: Having gone through the 38-page document of the Finance Minister’s budget speech, I decided to do a search for a couple of words that I thought kept repeating throughout her speech. The words “will be” occurred 110 times in the entire speech. When I narrowed my search to the single word “will,” the number rose to 362. To me, those two words sum up the essence of what this year’s budget is and is not. What it is, is a future-focused budget, aiming at the distant vision of India@100, with a 25-year Amrit Kaal lead-up. What it is not, and what I felt was sorely needed this year of all years, is a present-focused budget. A punishing 2021 for the aam aadmi with more-than-usual expenditure on health and sustenance meant the general populace was looking for immediate relief that would place more cash in their household budgets. That did not happen. Nor was there any extraordinary investment in relieving the healthcare expenditure burden. For all the importance of farmers in upcoming poll-bound states, there was neither major sop nor stimulus given to back the importance of agriculture as a spine if not engine of the economy. Even the MSME sectors were only handed a slightly longer lease of life with the extension of the ECLGS, but there was no real move to stimulate consumption by placing more cash at consumers’ disposal, for example, extending LTA claims to restaurants (and not just accommodation). There is perhaps plenty for the industry to cheer about since it can afford to think about the future and a slightly longer term than just the here and now of survival. The stock market did cheer up even before the FM’s speech, but that only served to underscore the dichotomy between the real health of the population and the Minority of Haves. When the general population probably can’t afford to wait for the benefits of trickle-down economics to reach them in yet another trying year, the dreams and wheels of a consumer-driven economy might move slower than the industry might like, despite the many future-facing and progressive policies announced. Virat Tandon, Group CEO, MullenLowe Lintas Group: The union budget can be termed as consistent with the government's vision to reach the 5 trillion GDP mark by 2025-26. Hence, the strong focus on capex to boost infrastructure that connects and streamlines middle India and provides the engines of entrepreneurship across the length and breadth of the country. It also shows India's commitment to bring a digital first economy with the 5G rollout planned for next financial year, clarity on India's policy for cryptocurrency, data centres, EVs and our very own digital Rupee. Start-up culture will continue to flourish with the right policy framework. These investments and policies will generate jobs and go a long way in inclusive and sustainable growth for Bharat. Anurag Bansal, COO &amp; CFO, DDB Mudra Group: This Union Budget looks neutral, with no major changes in taxation. The launch of digital Rupee based on blockchain technology is a big move to bring in official cryptocurrency in India. New e-passports with embedded chips would definitely ease overseas travel. Managing the Fiscal deficit while pushing for growth and investments is a great balancing act taken on by the government. It will give a boost to capital investments and infrastructure development. Kartik Sharma - Group Chief Executive Officer – India, Omnicom Media Group: With an impetus on holistic growth, developing infrastructure and job creation across sectors, the 2022 union budget shows promise with a focus on the big picture. Reviving economic growth in the post-pandemic environment has been a focus for this government and this progressive, digital-first, and development-oriented budget reflects that. Not only does it provide a boost to the MSME, agriculture and healthcare verticals, but also signals that investing in infrastructure today will connect India better tomorrow. With an increased focus on digitization, some of the standouts for me were that the budget recognized the current gaps and opportunities within the education sector, and is advancing towards uplifting India with the creation of a digital ecosystem - one that is focused on upskilling and creating more employment; aligned with the dynamic needs of today. It also aims to further strengthen communications in the rural sector and build upon the overall financialization of India. Furthermore, while the rollout of a 5G ecosystem will improve the quality of services, the launch of digital money, supported by blockchain, signals an increasing focus on transparency. With consistency in strategic direction and focus on propelling the MSME and start-up ecosystem, this is a welcoming budget for new-age businesses and a hopeful one that will ultimately lead to a boost in the A&amp;M industry as well. We're at the cusp of the next stage of India's digital revolution and although certain factors like data privacy still remain an area to be delved deeper into, as infrastructure and banking penetrate further into rural India, we’re looking hopeful and strong to transform into a forward-leaning digital economy of tomorrow.” Deepak Mittal, CEO and Co-Founder, TO THE NEW: The government's unprecedented commitment to technology innovation and adoption in this union budget is highly encouraging. Breakthrough developments and futuristic technology such as the introduction of digital currency, the rollout of 5G within FY22-23, and e-passports using embedded chips are exciting for the country's future. Among the measures announced, the budget highlights special incentives to startups and the launch of a progressive, new portal encouraging a digital ecosystem for skilling and upskilling. These initiatives will serve as a successful catalyst for the country's economic growth. Atul Shrivastava, Group CEO &amp; Executive Director at Laqshya Media Group: The union Budget underlined the government’s focus on long-term growth. As India’s economic growth is estimated to be 9.2% in the upcoming financial year so it would be good for all the industry and with overall growth, we are sure advertising &amp; media will also show remarkable growth which was low due to the pandemic in the last couple of years. As announced the National Highways to be expanded by 25,000 km under PM Gati Shakti mission. Highways are adding a new dimension to the growth of the OOH Industry as advertising on the Highways is emerging as very strong choice for brand building for many categories. Prasad Shejale, Founder and CEO, Logicserve Digital: The FM has announced a very progressive budget with an intention to widen India's horizons and outlook in the next five years, leveraging emerging technologies. The Government has addressed some urgent priorities underpinning the digital sector, including the launch of digital currency, API-based skill credentials, digital learning channels, digitization of manual processes, etc. On the digital connectivity front, the 5G spectrum auctions will finally make the dream of a tech-savvy India a reality, further boosting the country's digital infrastructure. Additionally, the launch of a design-led manufacturing scheme for the 5G ecosystem as part of the PLI scheme will ensure affordable broadband and mobile communication even in far-flung areas. The availability of high-speed internet connectivity in urban as well as rural areas will encourage marketers to experiment with blockchain, AR, VR. On the skilling front, initiatives like establishing a digital university will provide an opportunity for youth to learn new skills from the comfort of their homes. The creation of a new task force to build domestic capacity in the Animation, Visual Effects, Gaming and Comic (AVGC) sector is commendable. The overall budget is future tech-enabled and balanced. Ahmed Aftab Naqvi, Global CEO &amp; Co-founder, GOZOOP Group: While there will always be hope for more and better, the continued push towards digital, fintech and the boost for start-up ecosystem with the extension of tax benefits till March 2023 along with capping the surcharge at 15% irrespective of the amount of long term capital gains, will fuel the fire of entrepreneurship in our nation. Varun Duggirala, Entrepreneur, Co-founder of The Glitch, Author, Content Creator and a Podcaster: The twin announcements of the digital rupee and the taxation on ‘virtual digital assets’ is clearly a focused drive from the government to regulate the crypto space. What needs to be seen is how this plays out because regulating a decentralized space is a paradox in itself. Another point that stood out for me was the national mental health program. More than anything else it signifies the normalizing of mental health as a legitimate area of focus for us as a nation. Shrenik Gandhi, CEO and Co-founder, White Rivers Media: In my opinion, it is a fairly balanced budget. There is sufficient emphasis being laid on up-skilling, and making right investments in tech which is the need of the hour. The previous budget was more inclined towards setting up a strong foundation in the digital space, and this one is essentially focused on making further advancements. Besides, Digital Rupee being introduced is indeed, a great news across sectors and it will be exciting to finally watch it become a reality. It can prove to be a game-changer in India's future as transactions will become even more instantaneous. Speaking of the expected benefits, let’s not forget that this is India’s #Budget and not a Big Bazaar scheme announcement. So, the immediate benefit may not be seen right now but considering the long-term narrative, it is a fairly established budget. Sahil Chopra, Founder &amp; CEO- iCubesWire: While the general trend of the <keyword id="12134566" type="General" weightage="20" keywordseo="union-budget-2022" source="Orion">union budget 2022</keyword> has its emphasis on ease of doing business, I strongly believe, data and digital occupied the centerpiece of the budget. The plans to focus and promote the fintech and digital economy are a very strong positive move. New age technologies, keeping data and digital at heart of it will allow the tech enablers to transform multiple industries. For MSMEs, the government has plans to outlay Rs 2 trillion which is again a welcoming move that will help in enhancing startups as well as entrepreneurial opportunities for all. Besides, extension on tax exemption to startups and promotion of startups to facilitate ‘Drone Shakti’ through varied applications and drones as a service is also encouraging. The ambitious optical fibre to the villages under PPP in 2022-23 shall get the next 100M in the Digital Universe soon. To sum up, it’s a positive budget for the digital sector which has always vouched for a strong digital infrastructure in the country." Chetan Asher, Founder and CEO, Tonic Worldwide: The budget clearly will help the country march towards digital adoption and transformation in many sectors. With 5G rollout on the cards we will see an acceleration across the board. The digital rupee will put India right up on the map of advanced digital economies. Clarity on Digital assets and crypto will give it new impetus. All of these initiatives will help us emerge as leaders in adoption and growth of blockchain technology Ambika Sharma, Founder &amp; MD, Pulp Strategy: The Budget is interesting as the Government has focused on all sectors. The financial support for the digital payments ecosystem is a welcome move and further reaffirms the Government of India's digital banking push. This push on digitization will make way for more inclusion in the ecosystem. The focus on 'Ease of doing business is a great step, as it will further promote entrepreneurship in the economy” . The 2022-23 budget finely balanced fiscal retreat with supporting economic recovery. The budget focused on a familiar strategy of driving capital expenditure to drive growth, to crowd in private investment through higher public spending. Although markets could be disappointed with a higher fiscal deficit of 6.4% of GDP for FY23 than expected, it is perhaps prudent to not undertake aggressive fiscal consolidation at this nascent stage of recovery. While elevated market borrowings are likely to pressurize bond yields, the inclusion of green bonds in the borrowing plan is an interesting innovation. In terms of specific policy announcements, the move towards self-reliance through protection for domestic manufacturers (change in custom and import duties) aligns with the long-term goal of Atmanirbhar Bharat. The government has extended the startup tax holiday and concessional tax for manufacturing startups by a year. While that was on the cards, it doesn’t address the core need of startups to be given a longer tax holiday of 5 years as required. One of the most encouraging aspects of the budget has been the announcement to set up an AVGC (animation, visual effects, gaming, and comics) promotion task force to plan and build domestic capacity for serving domestic as well as global markets. Loss from the transfer of virtual digital assets cannot be set off against any other income. The creation of a unified logistics platform and the developments of 100 new cargo terminals in the next three years are significant steps in improving the supply chain ecosystem in the country. Infrastructure status given to Data Centers will provide a huge boost to the fast-evolving digital environment of the country. The fiscal outcome is broadly in line with our expectations with the government having continued its focus on infrastructure and rural demand. Himanshu Arya, Founder and CEO, Grapes: The Union Budget for the financial year 2022-23 has set the stage with an invigorated focus on ramping up the process of the digital revolution. The government’s focus on the digital ecosystem is a progressive move to render an inclusive landscape for job openings and entrepreneurial opportunities. The extension of tax incentives for startups for one more year will give a slight relief to the industry. I hope that the cash flow improves in the market. The Union Budget has various encouraging initiatives and is directed towards a more viable and flexible business ecosystem that completely aligns with the ideologies of Make in India. Siddharth Devnani, Co-Founder &amp; Director, SoCheers: Digital and digitization stood out as a strong overall trend in the Union Budget 2022. The budget put a great focus on long-term growth and given how intricately ‘digital’ was integrated into several measures, it can be seen as an integral part of that growth. Implementation of the Central Bank digital currency will definitively aid the growth of digital economy and finance in the country, opening doors for digital acceleration across sectors. The announcement about the new digital university and the renewed focus on digital learning, further presents an opportunity, especially to the fast-evolving Educational Technology sector. However, a definite plan on how this will pan out for all corners of India remains to be seen. Moreover, digital will also be leveraged in the set-up and operation of tele-mental health centres, providing the necessary focus and access to mental health services to the Indian masses. This comes as one of the most welcome move as it’ll contribute infinitely to the nation’s long-term growth.

The advertising industry voices its enthusiasm about the government’s steps towards boosting digital ecosystem in Union Budget 2022-23

<ul><li>India continues to top the list of countries with highest increments, says a <keyword id="6318776" type="General" weightage="80" keywordseo="wtw" source="Orion">WTW</keyword> report.</li><li>The WTW report quotes that over 68% of the companies cited tight labour markets as the foremost reason for giving a higher increment.</li><li>More than half of <keyword id="51318" type="General" weightage="20" keywordseo="Indian-companies" source="Orion">Indian companies</keyword> are increasing their salary budgets from last year given tight labour market conditions.</li></ul>In the next increment cycle, Indian employees can expect a <keyword id="6355281" type="General" weightage="20" keywordseo="salary-hike" source="Orion">salary hike</keyword> of at least 10%, which is highest in the <keyword id="2725318" type="General" weightage="20" keywordseo="APAC-region" source="Orion">APAC region</keyword>, says a <keyword id="5966170" type="General" weightage="20" keywordseo="Salary-Budget-Planning-report" source="Orion">Salary Budget Planning report</keyword> by Willis Towers Watson (WTW). India continues to top the list of countries with high increments. China is projected to see an increase of 6%, followed by Hong Kong and Singapore at 4% in 2023. The report quotes that over 68% of the companies cited tight labour markets as the foremost reason for giving a higher increment. And, 44% are concerned about employee satisfaction as the voluntary attrition rate is the second highest in India among APAC countries. As many as 42% of companies cited strong revenue generation projection in the next 12 months as the reason. The survey is based on 22,570 sets of responses from companies across 168 countries. For this, more than half of the Indian companies are increasing their salary budgets from last year given the tight labour market conditions. “2022 saw actual salary increments being higher than budgets and this was largely due to better-than-expected business performance and the need to retain talent. Despite the economic headwinds, higher projections for 2023 reflect cautious business optimism and a continued tight labour market,” said Rajul Mathur, consulting leader of India for work and rewards at WTW. <cmsannotation type="cmsannotation" annotationid="Sectors with the highest salary hikes" comment="subhead" text="Sectors with the highest salary hikes">Sectors with the highest salary hikes</cmsannotation> The report further projects that financial services employees will get the maximum <keyword id="717779" type="General" weightage="20" keywordseo="salary-increment" source="Orion">salary increment</keyword> with at least 10.4%; followed by employees in banking, technology media and gaming with 10.2% and 10%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sector </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Salary hike projection </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Financial services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Banking </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech media and gaming </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">General Industry </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manufacturing durable goods </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr></tbody></table> “We saw significant salary increases across sectors in 2022 and a similar trajectory is expected in 2023. With increased focus on technology enabled growth, the demand for digital skills is driving pay increases for tech talent, especially in the technology, media and gaming, banking and financial services sectors,” added Mathur. Better than expected business performance has also resulted in higher variable payouts in 2022 across career bands. Companies are allocating more variable pay budgets to above average and top performers. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/talent-crunch-biggest-obstacle-to-indian-startups-us-expansion-says-report/articleshow/93587275.cms">Talent crunch biggest obstacle to Indian startups’ US expansion, says report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/wework-co-founder-adam-neumanns-startup-gets-valued-at-1-billion-even-before-launch/articleshow/93585457.cms">WeWork co-founder's startup gets valued at $1 billion even before launch</a>

Fin services will beat tech with the best salary hikes in 2023, says report

<keyword id="2534058" type="General" weightage="50" keywordseo="healthtech" source="Orion">Healthtech</keyword> unicorn <keyword id="2848710" type="General" weightage="100" keywordseo="innovaccer" source="Orion">Innovaccer</keyword> has sacked nearly 245 employees, or about 15 per cent of its workforce, across teams in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> and the US, the media reports said on Tuesday. Innovaccer cofounder and CEO <keyword id="3561958" type="General" weightage="50" keywordseo="abhinav-shashank" source="Orion">Abhinav Shashank</keyword> cited an "uncertain macroeconomic environment" as the reason behind the job cuts, according to an internal mail sent to employees and accessed by leading startup news portal Inc42. "Innovaccer has always believed in empowering its customers to accelerate their transformations, leading to higher quality care for patients and populations, improved patient experiences, and better financial and operational performance," <keyword id="3452" type="General" weightage="50" keywordseo="shashank" source="Orion">Shashank</keyword> was quoted as saying in the email. The startup said it will provide severance packages to affected employees, as well as transitional health insurance benefits and job placement assistance. This is the second layoff at the company in around 4-5 months' time amid the deepening funding winter and recession fears. In September last year, Innovaccer laid off nearly 120 employees, or less than 8 per cent of its workforce, owing to "tough economic conditions", and most of the layoffs occurred within its tech teams. Innovaccer had said that its business fundamentals are still strong. However, "given the current economic conditions, we implemented a small workforce reduction to optimise our cost structure", said the company. The startup raised $150 mn in its <keyword id="45633" type="General" weightage="20" keywordseo="series" source="Orion">Series</keyword> E round at a valuation of $3.2 bn in February 2022. In December 2021, Innovaccer raised $150 million, driven by rapid customer adoption of the <keyword id="16233858" type="General" weightage="50" keywordseo="innovaccer-health-cloud" source="Orion">Innovaccer Health Cloud</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/egyptian-researchers-digitally-unwrap-2300-year-old-mummy-to-find-gold-and-other-amulets/articleshow/97297512.cms">Egyptian researchers digitally unwrap 2,300-year-old mummy to find gold and other amulets</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/equity-markets-have-usually-been-nervous-ahead-of-budget-but-a-relief-rally-is-likely-post-budget/articleshow/97286146.cms">Equity markets have usually been ‘nervous’ ahead of budget but a relief rally is likely post budget, say analysts</a>

Healthtech unicorn Innovaccer lays off 245 workers, 2nd job cut in 5 months

In last one year, India was overwhelmed by a tsunami of well-intentioned jargons! The ‘Make in India’, ‘Digital India’, ‘Skill India’, ‘Start up India Stand up India’ and ‘achhe din’ platforms raised expectations on the government to ‘walk the talk’ in the <keyword id="2783177" type="UNKNOWN" weightage="20" keywordseo="Budget-2016">Budget 2016</keyword>. 
 
However, the ground realities are that government does not have leeway to announce high profile sops! The expected rise in expenses of Rs 1.1 trillion for pay commission will leave the government hard-pressed to stand by its promise of limiting fiscal deficit to 3.5 % of GDP by 2016. To provide fuel to the ‘Make in India’ juggernaut, a hardnosed pragmatic approach would be in order. The five things that I hope Government will do to benefit manufacturing are: 
 
1. Reduce Subsidies and Reduce Taxes. Government taxes high to subsidize high. Both acts distort the market and are inhibitors of growth. The subsidies on fuel, food and fertilisers by themselves are likely to be a whopping Rs 2.27 lakh crore. A 10 % decrease in these subsidies can create surplus to offset angel investment tax and reduce capital gains tax. This would enable a positive startup culture in the country and motivate startups to remain registered in the country. 
 
2. Risk Sharing by Government. I hope the government will bolster the funding of ‘Mudra Bank’ and ‘Atal Innovation Mission’ to share financial risks of innovation currently borne totally by our entrepreneurs. I expect an enhancement of 100-200% in the corpus of these initiatives. Outside the budget, if the government can pass the languishing bankruptcy act, these would bring in tandem affects on such entrepreneurs to take more risks and invest in R&amp;D. 
 
3. Incentives to Incubators. The government's aim to set up 35 new incubators in existing institutions and further 35 new private sector incubators with government funding support can be a game changer in industry academia relationships. I firmly believe that academia has a strong role to play to bring in rigour and efficiency in our startups and that can only materialize if they are incentivized. 
 
4. Promoting Skilling. With the government having set the target of skilling 500 million people by 2022, Budget 2016 is crucial for education and training sector. I hope government will tweak CSR norms to provide up to 200% tax benefits to companies funding skill development. Under Defence Procurement Procedures 2016, it is hoped that offsets discharge will cover the service of skill development to give fillip to the sector. 
 
5. Changes in Service Tax Regime. While clouds persist on passage of GST, government should remove the restrictions/ limitations imposed on obtaining CENVAT credit. This will make manufacturing more competitive by reducing the burden of taxation on locally made goods. 
 
It is hoped that a friendlier policy towards startups will boost ‘Make in India’ and if the government is able to have GST passed in current budget session, I have a strong feeling that there would be no looking back. 
 
(The article is authored by Col. Rajiv Bhargava. He is an alumnus of ISB and currently serving as Associate Director with the Munjal Institute for Global Manufacturing at ISB) 
 
(Image: Indiatimes)

5 things that Budget 2016 should incorporate to bolster manufacturing

New Delhi, Feb 1 () Following are the top business stories at 1842 hours
 
DEL158 BIZ-2NDLD BUDGET
Sitharaman cuts income tax, abolishes DDT; to spend more on agri, infra to boost growth
New Delhi: Finance Minister Nirmala Sitharaman on Saturday slashed income tax for individuals, abolished dividend tax for companies and announced record spending in agriculture and infrastructure sectors to pull out the economy from its worst slowdown in more than a decade.
 
DEL146 BIZ-LD STOCKS
Budget blow for D-St: Sensex sinks 988 pts; Rs 3.46 lakh cr investor wealth wiped off
Mumbai: The Sensex logged its biggest single-day plunge in more than a decade on Saturday after the Union Budget failed to live up to market expectations of growth-boosting measures and fiscal discipline.
 
DEL122 BUD-INDUSTRY-REAX
India Inc terms Budget as growth provoking, says implementation crucial
New Delhi: India Inc on Saturday termed the Budget as "growth provoking and welfare inducing" but said that urgent implementation of the measures proposed will be crucial for achieving desired outcomes, while acknowledging that Finance Minister Nirmala Sitharaman had "little room" to manoeuvre.
 
DEL50 BUD-LIC
LIC to be listed: Sitharaman
New Delhi: Finance Minister Nirmala Sitharaman on Saturday said insurance behemoth LIC will be listed as part of the government disinvestment initiative. 
 
DEL163 BUD-DEPOSIT-INSURANCE 
Govt permits five-fold increase in deposit insurance cover to Rs 5 lakh per depositor
New Delhi: Finance Minister Nirmala Sitharaman on Saturday said the government has permitted DICGC to raise deposit insurance coverage by five times to Rs 5 lakh.

DEL96 BUD-LD DIVIDEND-TAX
Govt removes DDT; dividend to be taxed in hands of recipient
New Delhi: The government on Saturday proposed to remove dividend distribution tax on companies, and henceforth the tax will be shifted to recipients at the applicable rate. 
DEL54 BUD-FPI LIMIT
Plan to hike FPI limit in corporate bonds to 15% from 9%: FM
New Delhi: The government plans to increase investment limit of foreign portfolio investors (FPI) in corporate bonds from 9 per cent to 15 per cent, Finance Minister Nirmala Sitharaman said on Saturday. 
 
DEL124 BIZ-BUD-LD AGRICULTURE
Govt proposes 11pc hike in farm credit for FY21; announces Krishi Udaan &amp; Kisan Rail
New Delhi: The government on Saturday proposed 11 per cent increase in the farm credit target to 15 lakh crore for 2020-21 and announced special rail and flight services for the transportation of farm produce as its seeks to double farmers' income by 2022. 
DCM86 BUD-DISINVESTMENT
Govt pegs Rs 1.20 lakh cr disinvestment mop-up in 2020-21, Rs 65,000 cr in current fiscal
New Delhi: The government on Saturday pegged disinvestment target for 2020-21 at Rs 1.20 lakh crore, nearly double of Rs 65,000 crore it expects to raise in the current financial year. 
 
DEL129 BUD-HOUSING
Budget: Additional deduction of Rs 1.5 lakh on home loan interest extended till March 2021
New Delhi: Aiming to boost the affordable housing demand, Finance Minister Nirmala Sitharaman on Saturday proposed to extend the date of availing an additional Rs 1.5 lakh tax deduction on home loan interest by one more year till March 2021. 
 
DEL55 BUD- NOMINAL GDP
Nominal GDP growth for FY21 estimated at 10%: Sitharaman
New Delhi: Finance Minister Nirmala Sitharaman on Saturday said nominal GDP growth for 2020-21 is estimated at 10 per cent.
 
DEL147 BIZ-BUD-EXEMONS
Taxpayer opting for new tax regime to forego deductions on PF, tuition fee, insurance
New Delhi: A taxpayer opting for new income tax slabs and rates will have to forego a host of exemptions and deductions, including a standard deduction of Rs 50,000, tuition fee of children, and contribution towards insurance premium and provident fund.
 
DEL37 BUD-AIRPORTS 
100 more airports to be developed by 2025 to support UDAN scheme: FM
New Delhi: Finance Minister Nirmala Sitharaman on Saturday said 100 more airports will be developed by 2025 to support the UDAN scheme.
 
DEL94 BUD-RUPEE
For every rupee in govt kitty, 64 paise come from taxes
New Delhi: For every rupee in the government coffer, 64 paise will come from direct and indirect taxes, while states' share of taxes and duties is the single-largest expense head accounting for 20 per cent of the total spending, Budget documents showed. 
 
DCM79 BUD-LDALL STARTUP
FM announces host of steps to boost growth of startups
New Delhi: Finance Minister Nirmala Sitharaman on Saturday announced a host of measures including relaxing tax incentives and setting up of investment clearance cell for startups and entrepreneurs with a view to promote their growth.

DCM64 BIZ-BUD-G20
Govt allocates Rs 100 cr to host G-20 Presidency in 2022
New Delhi: Finance Minister Nirmala Sitharaman on Saturday said India will host the G-20 Presidency in 2022 and Rs 100 crore has been allocated for this purpose.
 
DCM90 BUD- LD ALL POWER SECTOR
Budget's push for clean air: Old thermal power plants to shut 
New Delhi: Old coal-fired power plants not meeting emission norms will be closed and their land put to alternative use, Finance Minister Nirmala Sitharaman said on Saturday as she provided Rs 4,400 crore in her Budget for measures to ensure clean air.
 
DCM35 BUD-LD MSME
Govt raises turnover threshold for audit of MSME accounts to Rs 5 cr
New Delhi: The government on Saturday unveiled measures aimed at facilitating growth of the country's micro, small and medium enterprises including raising the turnover threshold for audit of their accounts to Rs 5 crore and a scheme to provide subordinate debt to MSME entrepreneurs. 
 


 
 

 
 
 


 
 
 
 
 

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Business highlights

New Delhi, Feb 1 () Finance Minister Nirmala Sitharaman on Saturday said dividend distribution tax has been shifted to individuals instead of companies.
 In her second Budget presentation, the Finance Minister said concessional tax rate of 15 per cent has been extended to power generation companies.
 The government plans 100 per cent tax concession to sovereign wealth funds on investment in infra projects, she added.
 Sitharaman further said concessional withholding rate of 5 per cent on interest payment to non-residents has been extended up to June 30, 2022.
 The Finance Minister also proposed deferment of tax payment by employees on employee stock ownership plan (ESOPs) from startups by five years. TEAM MBI RKL ANZ 
 
 
 
 
 
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ANS

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