After the Union Government announced a reduction in the corporate tax in its Budget, there was criticism and the Budget was dubbed pro-rich. But it is not true, said Union Revenue Secretary Shaktikanta Das here on Saturday.
Delivering the keynote address at a seminar on ‘Post-Budget Analysis-2015’ organised by the Utkal Chamber of Commerce and Industry (UCCI), Das said the reduction in the corporate tax would lead to more investments, create new jobs and give a boost to the manufacturing sector.
The reduction would not only help the big industries but small and medium enterprises too. The tax rates in countries like Indonesia, Thailand are less. There were a lot of expectations from the Union Budget and it added to the pressure factor.
A sincere effort has been made to measure up to different sectors. By and large, the Budget has been well-received. The target is to reduce revenue surplus and reduce fiscal deficit as it affects everybody, he said.
Chief Secretary GC Pati said the Union Budget is very healthy and the States have been empowered to design their own welfare schemes according to the local needs. Development Commissioner Upendra Nath Behera said financial inclusion under the Jan-Dhan Yojana can succeed if there is more banking coverage in rural areas as it is still poor in Odisha. He said there should be clarity about the Central schemes for their success.
Industries Secretary Sanjeev Chopra, while observing that the Budget is not populist and a wonderful job has been done, said infrastructure is still very poor and there is a need of long-term finance for PPP projects. While UCCI president Ramesh Mahapatra delivered the welcome address, secretary Debabrata Dash offered a vote of thanks.