Bengaluru, Feb 1 (IANS): Biocon Chairperson Kiran Mazumdar-Shaw on Saturday lauded Union Finance Minister Nirmala Sitharaman for promising to end tax harassment of India Inc and changing the Companies Act to decriminalise many non-compliance.

"FM promises end to harassment to India Inc and correcting the Companies Act to decriminalise many non-compliances. A much-needed message to infuse trust," Shaw tweeted soon after Sitharaman presented the Union Budget for 2020-21.

Shaw, also an Independent Director on the software major Infosys board, said directionally the budget was sound and that the government's focus was on reviving economic growth.

"The proposed amendments to the Companies Act for removing criminal action in case of tax disputes is a step towards infusing trust among India Inc," Shaw said in a statement here.

On the expansion of health infrastructure in tier-2 II and tier-3 cities through the public-private-partnership (PPP) model and upskilling for job creation, she said the twin initiatives would strengthen the Central government's flagship 'Ayushman Bharat' scheme.

"The use of Machine Learning (ML) and Artificial Intelligence (AI) for preventive healthcare with increasing number of Jan Aushadhi Kendras will take forward the government's agenda of healthcare for all," she noted.

"The budget announcements related to building a genetic database for drug innovation and investing in quantum computing for advancing computational and analytical capabilities are critical components for leveraging technology to gain a competitive edge," Shaw reiterated.

Hoping that the measures announced in the budget could give returns in the medium to long-term, she said the government had to implement them to have an early impact.

"Overall, a satisfactory budget," she added.