now for more analysis into the budget we are now being joined by niranjan hirandani the indian billionaire entrepreneur co-founder and managing director of the hira nandani group to help us get further insights and in a sense decode this budget mr heera nandani thanks for joining us on beyond world is one my pleasure to be with you today all right my first question to you i want to cut through the jargon a bit and start off with a rather loaded question they usually use big terms like the big bang budget hit or miss or bold to describe a certain budget how would you describe the same and what stood out for you in particular i think a lot of it is focused on digital whether it is cryptocurrency takeover by the reserve bank of india e-commerce data center operations payment of platforms to be taken up i think this was a major direction in which it external is there manufacturing and other aspects of it were also focused but the biggest story i think would be infrastructure i think the focus on infrastructure is important especially urban infrastructure understanding the fact that population is going to become more urbanized in the next couple of years more than 50 of the population of india in the next 10 years will be staying in urban areas rather than rural areas so i think these ships are definitely taking up but the new ideas and thoughts are also coming up a little disappointed under real estate sectors especially the middle class who are expecting some sort of relief especially in the case of loans and other items of interest and amount paid to financial institution and the expectation that that would be increased from two lakhs to at least five lakh because that is stagnant there for the last 10 years so i think some disappointment among this segment but on the other hand if you look at it the pradhan mantri avas yojana is looking at 80 lakh new beneficiaries an amount of 48 000 crores this may not be applicable to urban areas uh like mumbai delhi bangalore because the price point of the apartments has to be less than 45 lakhs and uh in urban areas because of land values and others the price of tenements are higher disease and though there is a affordability of the thing the price is higher because people take more loans than others so i think uh something the middle class has missed in this segment especially because there has been no changes in the slab rates which was also another anticipated item but overall i think economy is doing well one lakh forty one thousand or forty five thousand hours of collection in january and hence the finance minister is quite ambitious in terms of expenditure in various segments and i think that's a positive absolutely now as an entrepreneur and a seasoned businessman i want your take on this next question something that the prime minister also alluded at what do india's young startups uh gain to gain from this budget and the different announcement tax incentives have been announced for them are they happy with what's been offered i think the startups are definitely happy the with the tax benefit has been extended by another one year but the point is not that the startups uh there is a direction to which startups have been given and that i think is much more important for example when they talk about drone technology he's talking about excess of this technology available for the purposes of startup a large number of startups don't make profit even in the first three years so those are the challenges of startups but nevertheless the focus on encouraging startups getting unicorns off the ground and seeing to it that benefit is there definitely a direction in which startups are to be encouraged and uh the kind of assistance being given to them is definitely a good policy to do another aspect of it which is very important the ease of doing business uh they have done a lot of progress in the real estate sector but it is clear to the finance minister that that is not sufficient enough and still there is a long way to go and hence there is a direction in which they are setting up a committee which would actually look into the issues relating to a high level committee on the urban sector and drive modernization of building bylaws reforms and transit oriented reforms so i think they've realized that unless you don't have ease of doing business in this segment it's not really going to work out so the direction and focus terms of enabling factors uh the the ability to be able to file revised returns is a pragmatic approach instead of having the litigious approach which was earlier so i think a lot of process driven thought has been given in the budget and of course the the devil is in the detail once we go into the details of all the segments of it will come to know how much we have succeeded and how far are they already gone or are willing to go but obviously the infrastructure focus is a positive story without that and housing you cannot reach the five trillion dollar economy not give employment to the segment one other thing that i thought must be mentioned is about the issue of those segments which were languishing during covet time for example the travel tourism uh that part of it hospitality sector aviation some focus on that sector is finally come but uh let's see if it is good enough for bringing that sector out of the troubles it is there today right absolutely not this this um budget is coming at a time when the world at large has been fighting in a sense worse calamity the pandemic something that the indian prime minister just alluded that let's talk about another key highlight something that social media is a buzz with a digital rupee using blockchain and other technologies will be introduced with a tax of 30 on digital assets from what i gather there's been a mixed bag of responses to this what's your take no i think the the control mechanism going to the reserve bank of india is a good idea because ultimately there were no regulations in force for managing this aspect of it and i think that's extremely important uh that we have an agency which should take it whether it should be taxed at 30 percent or i thought it would be at a lower percentage i think that's a different story completely maybe they don't want rapid transactions to take place in this segment uh what is the issue i am not aware about it in great detail but the fact that it should be controlled by the reserve bank of india and regulated is a good thing because we have seen people who are uneducated in this line losing a lot of money at times of course making a lot of money at times also so i think the government has found that this was an easy uh easy make money for people investing into cryptocurrency and hence the taxability was brought into four absolutely mr hiranandani thank you so much for all those insights and perspective into the union budget 2022 thanks so much for speaking to us here at we on world is one we on world is one is now available in 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