Traders and businessmen in Delhi gave thumbs up to the Union Budget presented by Union Finance Minister Arun Jaitley on Wednesday. Most of the traders, shopkeepers and employees cheered the budget proposals and stated it to be a futuristic one and growth oriented. Traders also welcomed the cashless push by the Union Government and also the capping of cash transactions up to Rs 3 lakh.
Praveen Khandelwal, Secretary General to Confederation of all India Traders (CAIT), said, “The Union Budget is a progressive document that will culminate into dividend in next year. Since it is expected that implementation of GST in this fiscal will add sizeable number of tax payers in the country giving leverage to the Government to reduce bank lending rates and bringing down income tax slabs considerably. Reduction of corporate tax to 25 per cent for turnover up to Rs 50 crore will boost small and medium enterprises in the country. lending target under Pradhan Mantri Mudra Yojna has been doubled and set at Rs 2.44 lakh crores which will result in financial inclusion of last mile trader and in turn will consolidate the retail market.”
CAIT national president BC Bhartia said announcement for creation a “Payments Regulatory Board” in the Reserve Bank of India by replacing the existing board for regulation and supervision of payment and settlement systems will boost digital payment landscape in the country. However, transaction charges are major deterrent in adoption of digital payments and it is hoped that the government will subsidise such charges directly to the banks.
“Model shops and establishment bill will create new business avenues to small retailers particularly job opportunities for the women. However, security and safety aspects need to be considered by the State Governments to open up additional opportunities. Reduction in limit of cash expenditure of Rs 10,000 will prove to be counterproductive and will stall smooth business activities,” he added.
SK Maheshwari, general secretary of Parparganj Entrepreneurs’ Association, said “The Budget will certainly meet the raising expectation from industry leaders and the aam aadmi. The initiatives taken towards digitalisation are remarkable. This is growth-oriented Budget as the proposed initiatives would yield better results in future.”
Terming the budget growth-oriented, he said steps announced by the Government are going to make India a global hub for electronics manufacturing as the Finance Minister in his speech announced that 2, 50,000 proposals received last year with an investment value of Rs 1.26 trillion.
Avinash Kumar, a trader at Patparganj Industrial area, said “Overall the Budget proposals are in line with the development priorities of the nation. The Finance Minister has made a strong attempt to pump prime the rural economy and the infrastructure sector. This would yield dividends and we foresee a multiplier effect in the form of demand generation and employment creation over time.
Sanjay Gaur, president of Urja Foundation, termed it a balanced Budget but added that Government should have announced some relief for businessmen. “A few points in Budget are good like more money allocated under MNREGA, Swachchh Bharat and infrastructure. Except that I think it’s a very simple Budget,” he said.
However, Vikram Badhwar, a trader at Connaught Place said, “It is not a Budget which will boost growth, neither one which will have ease of doing business. This Government has cheated middle class which votes for them. There is nothing new in this Budget for anybody other than usual expenditures. The Finance Minister presented a piece of rhetoric which will contribute to shrinking of economy. They have been talking about development on multiple grounds but nothing concrete has ever been done.”
Badhwar, however lauds the move to limit transaction above Rs 3 lakh in cash subject to certain exceptions. He said that fixing slab on donation to political parties to Rs 2,000 is a welcome step. Now with the step political parties will be entitled to receive donations by cheque or digital mode from donors.
“The Government has presented a well-balanced Budget with right emphasis on the rural economy, education, agriculture, infrastructure, health and social security among others. There are slew of measures in the Budget to kick-start the investment activity in the economy, creation of demand in the rural economy,” said Rajesh Kumar Singh, owner of Red business.
Imtiyaz Ahmed, a software engineer in a multinational company, said, “The Finance Minister has presented a balanced Budget, underlined by the continued push for using technology to aid a digital economy. As India strengthens its position on the global map, skilling the youth of this country is crucial. The Budget’s focus on extending market relevant training for the youth and setting up 100 international skill centres across the country is a welcome step. The emphasis on science and technology for students will definitely empower the youth.”
“I am happy to witness the increasing focus on cyber security as well,” he added.