Commenting on the 2015 Union budget presented by Finance Minister Arun Jaitely today Kiran Mazumdar –Shaw, Chairperson, Biocon expresses her views, ” FM’s speech was clear and compelling showing a positive roadmap for the Indian Economy. The budget has addressed key needs of both Corporate and Social sectors. However, I expected more granularity for the implementation of the flagship ‘Make in India’ program. The ‘Skill in India’, ‘Swachh Bharat’ and a new fund for start-ups is a welcome move, however I expected more enabling provisions that would encourage investor funding. The setting up of the Atal Innovation Mission with an outlay of Rs. 150 crore is a step in the right direction, but it is more in the nature of modest seed funding to ‘innovate in India’. The budget does not provide any significant impetus to R&D in the pharma & life sciences. The proposed Universal Social Security System is perhaps the most important reform which I hope in time, will be linked to universal healthcare. The reduction in corporate tax, commitment to GST implementation, deferment of GAAR and easier norms for overseas investors to invest in AIFs are expected to improve the investment climate in the country. Overall the budget is a clear roadmap for investment and growth. However, we must ensure implementation and delivery of all these proposals to take us to the promised destination.”
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