Welcoming the Union budget-2014-15, Uttarakhand CII chairman Manu Kochhar said that the Budget is growth oriented and will bring prosperity in next two to three years. The CII had organised a budget-viewing session and later its members interacted with mediapersons in Dehradun.
With its thrust on creation of enabling infrastructure - power, roads, ports, gas grids, smart cities the budget proposals will definitely boost growth. They also announced measures to boost tourism - including e-visas. In the context of Uttarakhand, the proposals related to the setting up of sports academy, Institute of Himalayan Studies and the ghat development will directly benefit the State.
Explaning the budget as growth-oriented, Hemank K Arora, ex-chairman, CII Uttarakhand State Council, said that the focus on simplifying tax systems and assuring the investors of transparency and stability in tax policies will go a long way in encouraging investments which in turn will lead to growth and job creation.
Ex-chairman, CII Uttarakhand Rajiv Berry said that to encourage MSMEs to grow and graduate to the next level, Finance Minister has announced the Technology Centre Network to promote innovation, entrepreneurship and agro-industry. He proposed to establish a `10,000 crore fund to act as a catalyst to attract private Capital for the start-up companies. The announcement related to revision for reviewing the definition of the MSME for a higher capital ceiling and programme for facilitating forward and backward linkages with multiple value chain of manufacturing and services delivery would be beneficial for this sector.
Vipul Dawar, Managing Director Indo German Brakes, said that the announcement in the budget regarding multi-skill programme called Skill India is a paramount step to enhance the employability and the entrepreneurial skills of the youth. “Pandit Madan Mohan Malviya New Teachers Training Programme” will help in capacity building of teachers. The decision to amend the Apprenticeship Act to make it more responsive to industry and youth is a welcome move.
The increase in the limits for income tax exemption, income tax exempt savings & exemption on interest on home loans will leave the common man with more disposable income and also encourage savings. The measures announced on the agriculture front - including the setting up of a price stabilization fund, focus on warehousing and measures to boost agricultural productivity, will help manage prices of agri commodities in the medium term, said Vibha Malhotra, Head CII Uttarakhand State Office.