‘Budget to hike disposable income of middle-class’

Source: The Hitavada      Date: 02 Feb 2019 10:14:07


 

Business Bureau,

While analysing the Union Budget here on Friday, industrialist and traders of the region observed that it would create demand for various goods and services and subsequently boost trade and industry.

Though they felt that the Government had not done enough for the sectors in the Budget directly, they collectively believed that steps like enhancing income tax limit, allocation of huge funds for infrastructure projects, for weaker sections and other initiatives would increase purchasing power of common men in coming days. 

The group of industrialists and professionals, while expressing their views on the Budget, also praised the Finance Minister’s attempt to infuse fresh blood in agriculture and reality sectors.

“As the Government has proposed to spend more on country’s defense and infrastructure projects, we see increased demand for cement and steel. It is also good for many ancillary units,” said President of Vidarbha Industries Association (VIA) Atul Pande. Former Chairman of Institute of Chartered Accountants of India (ICAI) Ashok Chandak said there are schemes that will increase disposable income of middle class and rural people.

“Pension scheme for those in unorganised sector and farmers will certainly generate demand for consumer durables which is going to prove beneficial for trade and industry,” he said.

VIA Tax Forum Member Naresh Jakhotia said it is a balanced Budget with nothing negative in it. “Offering capital gain exemption towards purchase of two house as well as exemption for second house from the purview of notional taxations are the welcome move by the Government. Extension of one year more period of approval for 100 per cent profit deduction towards affordable housing scheme will encourage housing sector. I believe that these steps will bring excitement in the reality sector,” he added.

Traders said that the Finance Minister had attempted to reduce distress among the farmers. “However it is not up to the mark. There were high expectations from the Minister,” said President of the Nag Vidarbha Chamber of Commerce (NVCC). Secretary of the Chamber Sanjay K Agrawal said the announcement with regard to simplification of process of Income Tax returns would transform the system.