Budget focused on growth&dev'pment;industry,banking sector

Industry and banking sector in Kerala Friday welcomed the proposals put forward by Union Finance Minister Nirmala Sitharaman in her maiden budget, saying it was focused on growth and development.

In a statement, the Cochin Chamber of Commerce and Industry said a visionary budget with bold announcements regarding reforms was expected.

"However, we welcome the fact that the Government proposes to work towards taking the Indian economy to USD 5 trillion in the next few years through heavy investment in infrastructure, the Digital Economy and Job creation.

The reaffirmed commitment to fiscal consolidation is also welcome," Chamber president V Venugopal said.

He said various initiatives announced in Transportation and transportation infrastructure are welcome.

"We are especially happy about the comprehensive restructuring of National Highways Programme for creation of National Highways Grid and government's plans to use rivers for cargo transport so as to decongest roads and railways.

The latter will be a great boon for Kerala," Venugopal said.

The chamber also welcomed the Government's decision to streamline labour laws in the country into four basic labour codes, saying this was a long awaited move.

Hailing the budget, K Paul Thomas, MD & CEO, ESAF Small Finance Bank, said it was focused on growth and development.

He said the NBFC guarantee fund would ease the current liquidity crisis.

"The focus on loans to SHG members and interest subventions for MSME and EV (Electric Vehicles) will boost the economy.

The proposal to set up social exchange will be a breakthrough for social enterprises and voluntary organisations for raising funds", Thomas said.

Bose Nair, Vice President, World Trade Center, Kochi, Bengaluru and Chennai welcomed the proposals.

"We feel that there is a significant boost for infrastructure and foreign investments, particularly at a time when the economy is showing signals of a slowdown", he said in a statement here.

Appreciating the move to reduce corporate tax for companies with a turnover up to Rs 400 crore to 25 per cent, Nair said it was also encouraging to note that the government plans to organise Global investors Meet and invite global companies to set up mega manufacturing sites.

"The thrust given to housing, start up, green infrastructure, education and women's welfare are all sure to boost economic growth.

The special mention for start ups by extending the Stand Up India scheme as well as lesser tax scrutiny will help many aspiring start-ups particularly from Kerala",he added.