Union Budget will create ‘Ease of Doing Biz’: VIA

Source: The Hitavada      Date: 02 Feb 2018 10:09:36


Business Bureau,

Although some of the Budget proposals announced in the Budget on Thursday appears to have not gone down well with the regional industrialists, they are optimistic about the Budget and believe that it would give a much-needed push to the industry. The region’s industrialists, who were expecting big relief in taxation, special schemes for revival of sick units and other similar attempts to promote industrial growth, now believe that the Government is on a path of creating ‘Ease of doing business’ that would eventually accelerate the growth.

Atul Pande, President of VIA, said that Government should have announced special package for revival of sick units. “By doing this, the Government could have created many jobs. We have many units where plant and machinery are gathering dust. Its revival is very crucial,” he said.

Pande welcomed the Government’s step of focusing on agriculture sector. “Our’s is an agro-based economy and thus we cannot image prosperity if farmers are in distress. FM has announced significant hike in MSP of crops which will empower the agriculture sector,” he said.

Dr Suhas Buddhe, Secretary of VIA was firm on belief that policy makers would succeed in their attempts to create demand in markets. CA Ashok Chandak, Chairman of VIA Taxation and Corporate Law Forum, said that there was dire need for reduction in taxes. “We were also looking for an environment wherein one could do business in a hassle free manner. The Government has brought in many structural reforms but industrialists are facing hardship because of it on many fronts. We welcome the reforms but at the same time we also want the Government to remove clouds of uncertainty on the implementation part,” he said.

Naresh Jakhotia, Joint Secretary of VIA, said, “Increase in lock in period of 54EC bonds from three years to five years would be very discouraging. In addition to this, introducing standard deduction back in the stature book would be beneficial for the salaried class of taxpayer.”