India Inc reacts to #Budget2020: Biocon boss lauds end of tax harassment, Debjani Ghosh gives a thumbs-up to manual scavenging ban

Finance Minister Nirmala Sitharaman announced the Union Budget in Parliament today. The key proposals that ended up grabbing the limelight were lowering of the personal income tax slab from 20% to 10% for annual income between Rs 5 lakh and Rs 7.5 lakh and investments of Rs 28,600 crore on programs specific to women. India Inc took to Twitter to share their take on the Budget.

Chairperson and Managing Director of Biocon,, Kiran Mazumdar-Shaw, took to Twitter to laud the FM for putting an end to tax harassment. ‘A much-needed message to infuse trust’, wrote Shaw.


Shaw then tweeted to appreciate the announcement of ‘2 National Science Schemes Genetic Database for drug innovation & Quantum Computing’. The FM also proposed to provide an outlay of Rs 8,000 crore for the same in the next 5 years. Shaw was elated to share the development with her followers.


Debjani Ghosh, the President of NASSCOM, lauded Sitharaman for considering technology a key enabler and a tool to solve India’s biggest problems. ‘Absolutely the right approach’, wrote Ghosh on Twitter.

Sitharaman had also announced a taskforce for recommending marriageable age for women. Ghosh couldn’t help but laud her for the same.


Ghosh also sent out a tweet to celebrate the ban on Manual Scavenging.


Kunal Bahl, co-founder and CEO of Snapdeal, also took to the microblogging site to celebrate the ESOP tax reform, which he called, ‘big win for startup ecosystem’. In another statement, he thanked the FM for accepting start-up sector's request for ESOP taxation reforms. His statement read, "The higher time and turnover limits for carrying forward of losses for start-ups will enable them to optimise growth decisions in formative years.

"Overall, Budget 2020 is a thoughtful weaving together of specific proposals to tackle varied issues. Measures to improve access to finance for MSMEs and reduced taxation for the middle-income segment are welcome steps. Boosting physical infrastructure, expanding digital connectivity and growing use of technology in government functioning are important building blocks for the long-term growth of the Indian economy."


RPG Enterprises Chairman Harsh Goenka acknowledging the limited room that Sitharaman had to juggle, tweeted that she has looked to 'craft a granular long-term strategy to focus on vital issues.'