BHOPAL: The Union budget has evoked mixed reaction in the business and trading sectors. While welcoming the tax benefits for the SMEs, the businessmen said that with GST being implemented from April 1, the rates of essential commodities will largely depend on it.
ASSOCHAM president Sunil Kanoria said, “The budget’s main focus is on rural economy, small and medium enterprises, small income tax payers and on bringing reforms in political funding. Post-demonetisation, rural landscape had come under stress, along with the SMEs and the informal sector of the economy, and needed a boost. Reduction of corporate tax for the small and medium enterprises with less than Rs 50 crore turnover, is a welcome move.”
CREDAI general secretary Manoj Meek said, “Real estate has been given infrastructure status but only for affordable housing. In fact, the entire sector should have been given that status as it is the biggest employment generator in the country. Secondly, the announcement that unsold houses will be treated as rented property is unfortunate and disappointing”
Vijay Agrawal, CMD Narmada Switchgears Private Limited, said, “The budget is focussed on the rural areas. The rates of commodities will depend on the GST, which will be implemented from April 1. So people cannot be sure which items will become dearer and which cheaper even after the presentation of the budget. However, salaried class has got relief with reduction in Income tax rates. SMEs have been given tax relief.”
Anjali Jain, professor of Economics at Institute for Excellence in Higher Education (IEHE) said, “It is just a ceremonial budget. The finance minister seems to have simply completed a formality. Even though the budget has been presented, we do not know what will cost more and what less after April 1. That was not the case earlier”
Rajendra Kothari of the PHD Chambers of Commerce said, “The finance minister has not clarified how the farmers will increase their income. A blueprint for the same should have been presented”
Anurag Shrivastava, CEO Netlink Software Private Limited, said, “It is a good budget focussing on digitisation and cashless economy. But everything depends on implementation. We also do not know what GST has in store for us.”
Shashank Agrawal, Director Worth Corporate Solution Private Limited, said, “The SME sector will get big boost. Allocation for MNREGA has been increased. The focus is on youth keeping the upcoming UP elections in mind.”
Would derail economy said Arun Yadav
The ill-effects of the union budget will surface in the days to come, said PCC President Arun Yadav here on Wednesday. He alleged that the nation was facing multiple crises; youth are not getting employment and farmers are committing suicide. But the NDA government lacks the vision to tide over the situation. He also alleged that though the government had allocated Rs 48,000 crores for MNREGA, launched by the UPA government, but nothing has been done to contain leakages and control corruption. “The government is keen to provide ex-gratia to those killed in train accident but is not ready to take steps to make train travel safer. He alleged that, “The budget of Jaitley is like a slow goods train which will damage the track of development and economy”.
Another Modi ‘jumla’: AAP
The union budget for the fiscal year 2017-18 ignores the basic needs of the country and its people, claimed state coordinator of Aam Aadmi Party Alok Agarwal, on Wednesday. He alleged that the budget does not elaborate on how the income of the farmers would be increased and how youth will be provided employment. The changes in the tax slabs are too little, too late. “It’s a Jumla budget of Jumla government”, he said.
