Money pumped into infra, health, agriculture; Bengal Inc hails Union budget

Bengal Inc on Monday hailed theUnion budget saying that it has prioritised spending on growthand instilled faith that dawn is going to emerge on the Indianeconomy which is still in the darkness caused by the COVID-19pandemic.

It is a ''sensitive budget'' which has proposed to putmoney into healthcare, sanitation, infrastructure andagriculture, city-based industrialists said.

''In terms of the proposed investments in the socialsector and infrastructure sector, the budget has, indeed,instilled faith that dawn is going to emerge on the Indianeconomy, while we are still in darkness that was caused by thepandemic,'' Bharat Chamber of Commerce president Ramesh KumarSaraogi said.

The government has prioritised spending on growth atthis stage in the hope that such growth would help manage thefiscal deficit subsequently, Bandhan Bank MD & CEO ChandraSekhar Ghosh said.

''Overall, it was a growth-centric Budget aimed atsecuring India's long-term economic interest,'' Ghosh said.

CII Bengal chairman Abhijit Roy praised the budgetsaying that the push to infrastructure will offer a multiplierimpact for growth to several sectors such as steel, cement andpaint.

''In order to revive domestic economic activity underMake in India and Atmanirbhar Bharat Abhiyan, customs tariffhas been proposed to be rationalised, which will helpfacilitate export of value-added products from India,'' BengalChamber of Commerce and Industry President Deb A Mukherjeesaid.

According to Century Ply executive director KeshavBhajanka, this budget is a roadmap of how India will become a10 trillion economy in the next decade.

Chairman of Credai West Bengal and Merlin Group,Sushil Mohta, said, ''We welcome the big picture of boostingthe FDI, ease of doing business on the tax administration andcompliance.'' ''Union Budget 2021-22 is very well balanced & tax-friendly. Despite the huge fiscal deficit, the focus of thegovernment 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 thegovernments ongoing fiscal reforms, increased thrust ondigital transactions and compliance helping in greater ease indoing business will augur the nation to the next level ofgrowth.'' Microfinance sector player Village Financial ServicesMD & CEO Kuldip Maity said that the budget has increasedoutlay on building healthcare institutions, roadinfrastructure and residential schools in tribal areas.

''This will lead to development of small businesses andself-employment and this growth oriented budget will lead tomore demand for microfinance,'' he said.

Bengal Peerless Housing CEO Ketan Sengupta expectingsaid that the real estate sector expected more sops.

''Though tax holiday for affordable housing projectshas been extended till March 31, 2022, limits on I.T.

exemption for housing loan under under section 24 (b) 80EEAhave remained unchanged.

''Stock in hand for developers after two years ofcompletion is considered as deemed demand and taxed undersection 23(5). A relaxation of the said section would havebeen a favourable outcome for real estate industry,'' Senguptasaid.

''The Aatmanirbhar Health Yojana in addition to theNational Health Mission with an outlay of Rs 64,180 crore oversix years is a welcome move towards strengthening primary,secondary and tertiary healthcare in the country,'' Chairman ofFICCI Health Committee and Medica Group of Hospitals Alok Roysaid.