EXPRESSING satisfaction over the Union Budget, industrialists and professionals on Tuesdaysaidthatthesteps initiated by Union Finance Minister Nirmala Sitharaman will certainly benefit youths, women,farmersandothersectionsofthesocietywhicheventually boostindustrial growth. TheyalsowelcomedtheBudget saying that the Government has identifieditspriority areas and taking steps accordingly. Soon after watching the live telecast of speech by Union Finance Minister Nirmala Sitharaman here on Tuesday, membersandoffice-bearersof Vidarbha Industries Association (VIA) gave their reactions on the Budget. Vishal Agrawal, President of VIA,saidthe Government’s initiative for employmentand skill development, specially the schemeforjobcreationinmanufacturing is a welcomemove.

 

“Allocation of Rs 3 lakh crore forempoweringwomeninjobs is a very welcome move because Indian women participation in jobs is very low. This will help Indian women to be more participative in jobs,” he said. Agrawalfurtherappreciated the step of inclusion of internship opportunities through CSR fund and said that it will create ‘employable workforce’ in the country. He also highlighted that the three schemes announced by the Finance Minister to boost employmentthroughEPFOfor new entrants in the organised sectorwillbebeneficialforthe industry. Prashant Mohota, Secretary of VIA, said the financial prudenceoffiscaldeficitto4.9per cent this year and upto 4.5 per cent next year of overall GDP is very appreciative. “This is inspite of a huge sum of money being spent on infrastructure. Government’s focus on skilling and employment by givingincentivesundervarious schemes will make sure that more formalizationofjobswill take place. The Government’s plan to carry out economic reforms in all factors of production is the highlight of the budget,” he said. Chartered Accountant Dr Tejinder Singh Rawal, said the Government’scommitmentto creating employment opportunities is evident with the allocation of Rs 2 lakh crore to employapproximately4.1crore youth over the next five years.

 

“An additional fund of Rs 1.48 crore is earmarked for skilling initiatives aimed at 20 lakh youth, including the upgrading of 1,000 industrial training institutes. Innovative schemes suchaswagesubsidiesforfirsttimeemployeesandinternship opportunities in 500 top companies reflecta forward-thinking approach to job creation and skilling,” he felt. The Budget’s adherence to fiscal consolidation and the slight reduction in projected market borrowings to Rs 11.63 lakh crore is expected to positively impact bond investors, potentially leading to lower marketinterestrates.Thestandard deduction in the new tax regime has been increased fromRs50,000toRs75,000,providingrelieftotaxpayers.

 

Thereis also a relief of Rs 17,500because of slab modification. CA Naresh Jakhotia, VicePresidentofVIA,saidexpressedsatisfactionoverthereductionin various TDS rates and proposaltodecriminalizationprovision of various TDS. “Further, the proposal tocarry out the comprehensivereview of the Income Tax Act would be a step in the right direction.Themeasuretoexpedite closure of LLPs is also awelcome move. The development of road connectivity projects, with a special emphasison spiritual and cultural corridors, underscores the Government of India’s commitment to fueling the growthof the country’s rich cultural and spiritual network of tourism.Thebudget allocation for education, employment and skilling has been increased by 30 per cent to Rs 1.48 lakhcrore,” he added.