Budget will benefit youths, women, farmers, boost industrial growth: Industrialists
Business Reporter :
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.