Budget disappoints pharma, healthcare sectors: Dr Reddys
Hyderabad, July 5: The union budget which was presented by Finance Minister Nirmala Sitharaman has not offered any impetus to the growth of pharmaceutical and healthcare sectors, chairman of Dr Reddys Laboratories Sathish Reddy said Friday.
Describing the budget as an incremental one, he said the emphasis on start-ups and education sector is a good move.
However, there was nothing to fuel growth in the healthcare and pharma sectors, which is disappointing, he said.
"I was particularly keen on seeing a change in the weighted deduction for research and Development which did not happen," Reddy said.
A positive policy move would have spurred R and D and innovation in pharma and other sectors, he said.
Chairman of Apollo Hospitals group Prathap C Reddy said the healthcare major resolves to do its duty and join the nation in waging a war against the tsunami of non-communicable diseases that threatens the health of society, leading the country into a global initiative to stop the growth of NCDs in its tracks.
"My compliments to the Finance Minister for outlining Modi 2.0 vision to take the nation to new heights over the next five years," he said.
Reminding citizens of their duty to the country, the budget presented a long-term vision to achieve a $5 trillion economy by 2024, he said in a statement.
CII-Telangana chairman D Raju, at a press conference, termed the budget as prudent one and said the enhancement of corporate tax limit from Rs 250 crore to Rs 400 crore under 25 per cent slab would be a welcome move.
The profits that the companies would make would be invested in new production capacities which would create more jobs. Interest deductions in the income tax has been enhanced. It is a welcome move. It is a big relief to home buyers, he said.
It would improve the housing market which in turn would improve the cement sector steel sector and a lot of other factors of construction, Raju said.