Mixed reactions on budget proposals from Bengal Inc

The Union Budget for the current fiscal has evoked mixed reaction from industrialists of West Bengal on Friday with one hailing it for laying the "roadmap for a new India" and one criticising the same for lacking direction towards employment generation.

"This budget lays the roadmap for a new India, for a modern India based on inclusiveness and development," RP Sanjiv Goenka Group Chairman Sanjiv Goenka said.

"One nation one grid is a new power tariff policy. Sadak Yojana, Har Ghar Jal Yojana are brilliant moves aimed for the common man," he attended.

On the other hand CII Bengal chapter senior member Dipankar Chatterjee said the budget lacks direction in employment generation and rejuvenation of the economy, including in the 'Make in India' programme.

He said it needs to be seen how announcements which are likely to have positive implications are rolled out.

Emami Ltd Director Aditya V Agarwal said the budget augurs well for the cement industry with a focus on infrastructure.

"Levy of custom duty of 10 per cent on imported newsprint, uncoated and lightly coated paper will boost the domestic industry and create a level playing field. Levy of 7.5 per cent duty on import of palm oil by-products will provide some respite to the domestic refining industry," he said.

Bengal Chamber of Commerce and Industry President Indrajit Sen viewed the Finance Minister Nirmala Sitharaman's proposals as an "exercise in pragmatism" towards a USD five trillion economy by 2024.

The budget pledges structural reforms and focuses on infrastructure, employment generation and Digital India for building a USD 3 trillion economy by 2019-20, Indian Chamber of Commerce said in a statement.

Terming the budget as a "positive approach" Bharat Chamber of Commerce President Sitaram Sharma said the proposal for public private partnership (PPP) in railway tracks and rolling stocks is "very timely".

Merchants' Chamber of Commerce and Industry (MCCI) president, Vishal Jhajharia said that raising of the annual turnover limit from Rs 250 crore to Rs 400 crore, opening up of the civil aviation, insurance and media sectors to more FDI would provide growth stimulus to these key sectors.

The chairman of Medica Group of Hospitals, Alok Roy said 100 per cent FDI in insurance intermediaries is a push for insurance coverage and the transactions in hospitals would be faster.

Welcoming the government's decision to incentivise affordable housing by additional deduction on loans for houses valued up to Rs 45 lakh, the former president of the Bengal Chapter of Confederation of Real Estate Developers' Association of India Sushil Mohta said it should have been better if the upper limit was Rs 60 lakh for tier one city.

Applauding the Centre's proposal to allocate Rs 400 crore for education and skilling, JIS Group's Managing Director Sardar Taranjit Singh said the 'Study in India' initiative is likely to attract many foreign students and increase possibilities for educational collaborations.