Union Finance Minister Nirmala Sitharaman delivered her fifth consecutive budget today.
Sitharaman in her opening address today said that this is first budget of the Amrit Kaal. The current budget aims at inclusive development which is Narendra Modi government's top priority, she added.
During the Union Budget speech in the House, Union Finance Minister Nirmala Sitharaman on Wednesday announced seven priorities of the Budget.
These seven priorities are inclusive development, reaching the last mile, infra and investment, unleashing the potential, green growth, youth power and financial sector.
As her 90 minute budget presentation ended, reactions have started coming in from various quarters. The FPJ spoke to some of the important voices from industry residing in Thane.
Jitendra Mehta, president of Credai-MCHI, while reacting to the budget on housing sector, said: "We are happy and congratulate Honourable finance minister for giving the best budget of the decade!"
Mehta also listed out initial observation which are beneficial to the Housing Industry.
With the additional fund allocated to PMAY, the industry would see more traction, Mehta said. As the highest tax rate has been reduced from 42.74% to approx 39%, it will help the industry with additional cash flow, he said.
"Increase in tax slab and increase in the standard deduction would definitely help the citizens with more funds in hand which would increase the spending and enhance the demand in the economy," he added.
"The 50 years interest free loan provided to the states comes with a rider that it has to be used considerably for capital and infrastructure use. This move would definitely help the real estate industry in the long term," Mehta said.
"Option to invest the profit by selling one residential house property to two residential house properties under section 54 has been increased to ₹10 cr, which would prove to be a true booster for housing industry," he concluded.
Bharat Anikhindi, former National Key Accounts Manager at Castrol, said: "The budget is good for low cost housing projects as middle class will have extra money in his hand."
Social Activist Yogesh Mundhara, reacting to the taxation in budget, said the budget aimed at luring middle class before the important 2024 Lok Sabha elections.
"It Seems like this Budget was prepared keeping the coming Loksabha Elections 2024 in mind to lure the middle class, But yes from past 2-3 years the budget was having nothing for the middle class but this time the middle class has also got some relief from the taxation system like the increase in tax slab and other exemptions. Overall there is something to cheer for the common man," Mundhara said.
Vasant Nade, a Chartered Engineer and Engineering & Environment Consultant, also reacted to the taxation in the new union budget.
Nade said: "Overall it is a good budget taking care of the Environment, Agriculture, Travel & Tourism, Skill development and digitilisation. All these budget proposals will help to generate jobs for the youths of the country and it is a need of the hour. Restructuring of IT slabs is a welcome move for low income & medium income group including senior Citizen.
Social Activist Swapnil Mahindrakar spoke on Transport and Connectivity measures taken in the budget.
"The most awaited bullet train from mumbai to Ahmedabad has been given due preference in the budget as a result the growth potential of both the cities and adjoining areas will increase to a great extent and also there would be ample of development as well as employment generation due to this project," Mahindrakar said.
