Bengal Inc lauds Mitra for "balanced" state budget

The industry bodies of the city on Monday lauded West Bengal Finance Minister Amit Mitra for the "balanced approach" in the 2020-21 state Budget. The state government tabled its last full Budget before the 2021 Assembly elections during the day.

The Bharat Chamber of Commerce president Ramesh Kumar Saraogi called it "a balanced budget with great emphasis on reducing compliance burden, disputes and promotion of self-employment under very challenging circumstances of huge debts". The Bengal Chamber gave it a rating of 7 out of 10 for the balancing act.

"At a time when the country is passing through hard economic times, the state has placed a comprehensive budget seeking to reduce unemployment and social sector protection together with promoting business and industry," it said. The Indian Chamber of Commerce (ICC) appreciated the announcement for setting up of 100 new MSME parks across the state in the next three years to generate employment.

"The easy loans scheme of up to Rs two lakh for the unemployed youths to encourage them to do businesses is also a step in the right direction to arrest unemployment through promotion of entrepreneurship," ICC president Mayank Jalan said. At a time when India's GDP is pegged at 5 per cent, the state's GDP has crossed 10 per cent, Merchants' Chamber of Commerce president Vivek Gupta said.

Taranjit Singh, Managing Director of the JIS group, said the state government's plans will boost employment greatly. "This would retain our students here and prevent them from seeking jobs outside the state and thereby stop the brain drain," he said..