Indore (Madhya Pradesh): On February 1, 2023 when the Union finance minister, Nirmala Sitharaman, presented the Amrit Kal budget which was also the last full-fledged budget before the Lok Sabha elections in 2024, finance analysts of major economies in the world watched the same and analysed it with rapt attention, this is mainly because of the growth of the Indian economy and its potential to be a global helper of food and energy supply.
Financial experts while analysing the Budget on Thursday expressed the same views. A discussion and analytical session on the Union Budget were organised by the Madhya Pradesh Textile Mills’ Association, Textile Association of MP, Spinners Club of India, MP Mills Stores and the Merchant Association. Manjit Singh Chawla, director of Manjit Group, was the chief guest. The programme was held at Jal Auditorium. Economist Dr Jayanti Lal Bhandari, CA Sunil P Jain and economist Dr Kamlesh Bhandari etc. expressed their views on the budget.
Representatives of more than 100 industrialists, manufacturing and trade organisations associated with the textile industry participated in the programme.
Hailing the “visionary budget", economic analyst, Dr Bhandari, said while on one hand the economic gifts are visible on the coin, on the other, the growth rate is increasing. Based on the projections, Finmin Sitharaman predicted a growth rate of more than 6 per cent for the year 2023-24, which would be the highest in the world. Along with this, the finance minister has set an ideal target of keeping the fiscal deficit up to 5.9 per cent of the GDP while presenting a better roadmap for fiscal management.
Ashok Veda, national chairman of the Textile Association and president of the Mill Store Merchants’ Association, said that textile is the second largest employment-generating industry in the country. The state is growing constantly in the textile sector. Earlier, there used to be 6 lakh spindles in the state, now the number has increased to 40 lakh.
Chief guest Manjit Singh Chawla, director of Manjit Fibre Private Limited, said the budget is balanced and will go a long way in developing the country. It is the endeavour of any government to keep all sections happy through the budget and through this budget the government has been successful to a great extent in doing so.
CA Sunil P. Jain said Sitharaman has proposed a provision in the direct tax that from the coming year, on the basis of payment to the supplier of goods and services of micro and small business, the business will be able to get exemption for purchase and expenditure in any small business.
MC Rawat, Secretary, Madhya Pradesh Textile Mills Association, said seven priorities “Saptarishi” have been mentioned in the budget which will give impetus to economic development.
