Budget “balanced and futuristic”: Bengal Inc

Stating that there is nothing specific in the budget on manufacturing or on the PLI scheme, Mohanka said more sectors could have been brought under it when China Plus One has gained importance.Bengal Chamber of Commerce and Industry president Subir Chakraborty termed the budget inclusive and said it straddles the entire economy from capex hike announcements on digitalisation, custom duty rationalisation, supporting credit to MSME and the new Millet Mission.


PTI | Kolkata | Updated: 01-02-2023 22:41 IST | Created: 01-02-2023 22:28 IST
Budget “balanced and futuristic”: Bengal Inc
File Photo Image Credit: ANI
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The Bengal Inc Wednesday hailed the union budget as “balanced and futuristic” which will boost agriculture, rural economy and infrastructure.

However, nothing specific has been mentioned in it about manufacturing, they said.

Indian Chamber of Commerce president Mehul Mohanka said the industry had expected more popular announcements given that 2024 is an election year.

''Overall it is a great budget balanced and futuristic and will boost infrastructure, railways and tourism and agriculture. It will have a huge impact on our economy,'' he said. Stating that there is nothing specific in the budget on manufacturing or on the PLI scheme, Mohanka said more sectors could have been brought under it when China Plus One has gained importance.

Bengal Chamber of Commerce and Industry president Subir Chakraborty termed the budget inclusive and said it straddles the entire economy from capex hike announcements on digitalisation, custom duty rationalisation, supporting credit to MSME and the new Millet Mission. ''But expected more on PLI scheme.'' Chakraborty, who is also the MD and CEO of Exide Industries, refrained from making any comment on budget announcements on green energy and battery. ''Have to look into the fine print. But some incentive is expected''.

CII eastern region head Sanjiv Paul said it is ''commendable'' that India has maintained GDP growth rate of seven per cent at a time when the world has recently emerged from COVID and geopolitical tensions ruled with supply chains disrupted.

''The fiscal management is on point … There has been a push in the budget to reduce the 'K' shaped growth after the pandemic and to allocate more funds to uplift the lower sections of the society, rural and agricultural economies,” he told PTI.

Praising the budget for outlining credit encouragement to the MSME sector, start-ups and funds to boost the road, rail, airways, power and ports sectors, he said, ''These will have a domino effect on the economy.'' Paul said.

He also lauded the allocation of Rs 17,300 crore for the National Hydrogen Mission.

Sanjay Budhia, Patton Group MD told PTI that the budget is on expected lines with focus on inclusion, infrastructure and investment. The priority to youth, agri and informal sector and MSMEs is welcome.

''For the industry, many provisions and acts that had become unnecessary and redundant over the years have been done away with. The sword of law is no more hanging,'' he said.

Due weightage has been given to exports, the engine of growth with incentives for gems and jewellery, the marine and SEZ sectors, he said.

EEPC India chairman A K Garodia said the budget has provided a cushion to the economy by bolstering public spending on infrastructure. The Rs 10 lakh crore increase in capex will boost economic growth and create more jobs.

''However, the government has not addressed the interest equalisation rate hike to five per cent from three per cent now,'' he said.

RP Sanjiv Goenka Group chairman Sanjiv Goenka was all praise. ''We have a great leader with a great vision in Narendra Modi who has a firm resolve and determination to transform India into a vibrant economy. This vision is reflected in the budget.'' The fiscal deficit is estimated to go down to 4.5 per cent of GDP, which is a welcome move, he added.

Berger Paints MD and CEO Abhijit Roy said the 9x increase in the capital outlay over 2013-14 for Indian Railways for infrastructure upgrade augurs well for the country's long term mobility requirements.

The increase in PMAY spending will give a big boost to the housing industry, he added.

Emami Group director Aditya Agarwal termed the budget ''progressive, growth-oriented and pro-people'' focussed on consumption growth, ease of doing business and capital outlays.

Its emphasis on agriculture, rural economy and infrastructure sector will have a positive impact and investments in agro storage and other infrastructure will help significantly.

Perminder Jeet Kaur, ASSOCHAM senior director said Budget has been prepared with India @100 as focus.

''Welfare schemes launched are as expected and given due importance. ASSOCHAM has been demanding better tax rates for individuals,'' she said. Century Plyboards executive director Keshav Bhajanka called the budget a ''blockbuster''. ''The government has done what we had hoped for and increased the capital expenditure to Rs 10 lakh crore.'' S K Jain, MD of Shree Bahubali Stock Broking Ltd, called the budget ''excellent'' from the standpoint of financial markets as there was no negative news. The unchanged long-term capital gains is positive news for the market.

There will be no new impact on the price of gold due to the budget as custom duties on bars of the yellow metal and platinum were increased earlier this fiscal, Suvankar Sen, MD and CEO of city-based Senco Gold and Diamonds said.

Bharat Chamber of Commerce president N G Khaitan lauding the budget said the increase in the allotment for railways, increase in regional air connectivity, continuation of progress on roads, coastal transportation and new emphasis on growth of tourism will spur and accelerate employment opportunities.

''There is continuity of reforms, fiscal prudence, digitalization of the economy, infrastructure development, rural and tribal upliftment, ease of doing business and ease of living for urban citizens in the budget,'' said Vineet Patawari, cofounder and CEO of StockEdge. Federation of Indian Export Organisations eastern region chairman Yogesh Gupta said revamping the credit guarantee scheme by infusing Rs 9000 crore and reduction of interest for MSME is a welcome move. It will benefit West Bengal which has one of the largest number of MSMEs. Reduction of import duty on inputs will also make exports of finished goods more competitive, he added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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