Bengal Inc on Monday hailed the
Union budget saying that it has prioritised spending on growth and instilled faith that dawn is going to emerge on the Indian economy which is still in the darkness caused by the COVID-19 pandemic.
It is a "sensitive budget" which has proposed to put money into healthcare, sanitation, infrastructure and agriculture, city-based industrialists said.
"In terms of the proposed investments in the social sector and infrastructure sector, the budget has, indeed, instilled faith that dawn is going to emerge on the Indian economy, while we are still in darkness that was caused by the pandemic," Bharat Chamber of Commerce president Ramesh Kumar Saraogi said.
The government has prioritised spending on growth at this stage in the hope that such growth would help manage the fiscal deficit subsequently, Bandhan Bank MD & CEO Chandra Sekhar Ghosh said.
"Overall, it was a growth-centric Budget aimed at securing India's long-term economic interest," Ghosh said.
CII Bengal chairman Abhijit Roy praised the budget saying that the push to infrastructure will offer a multiplier impact for growth to several sectors such as steel, cement and paint.
"In order to revive domestic economic activity under Make in India and Atmanirbhar Bharat Abhiyan, customs tariff has been proposed to be rationalised, which will help facilitate export of value-added products from India," Bengal Chamber of Commerce and Industry President Deb A Mukherjee said.
According to Century Ply executive director Keshav Bhajanka, this budget is a roadmap of how India will become a 10 trillion economy in the next decade.
Chairman of Credai West Bengal and Merlin Group, Sushil Mohta, said, "We welcome the big picture of boosting the FDI, ease of doing business on the tax administration and compliance."
"Union Budget 2021-22 is very well balanced & tax- friendly. Despite the huge fiscal deficit, the focus of the government is clearly on spending on infrastructure, healthcare and key social programmes to revive the economy," Ambuja Neotia group chairman Harshavardhan Neotia said.
Emami director Aditya Agarwal said, "As a part of the governments ongoing fiscal reforms, increased thrust on digital transactions and compliance helping in greater ease in doing business will augur the nation to the next level of growth."
Microfinance sector player Village Financial Services MD & CEO Kuldip Maity said that the budget has increased outlay on building healthcare institutions, road infrastructure and residential schools in tribal areas.
"This will lead to development of small businesses and self-employment and this growth oriented budget will lead to more demand for microfinance," he said.
Bengal Peerless Housing CEO Ketan Sengupta expecting said that the real estate sector expected more sops.
"Though tax holiday for affordable housing projects has been extended till March 31, 2022, limits on I.T. exemption for housing loan under under section 24 (b) 80EEA have remained unchanged.
"Stock in hand for developers after two years of completion is considered as deemed demand and taxed under section 23(5). A relaxation of the said section would have been a favourable outcome for real estate industry," Sengupta said.
"The Aatmanirbhar Health Yojana in addition to the National Health Mission with an outlay of Rs 64,180 crore over six years is a welcome move towards strengthening primary, secondary and tertiary healthcare in the country," Chairman of FICCI Health Committee and Medica Group of Hospitals Alok Roy said.
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