The Union Budget presented by Finance Minister Arun Jaitely received a thumbs-up from the small and medium manufacturing units of Adityapur, Jharkhand's largest ancillary hub.
Singhbhum Industries Association (SIA), one of the oldest industry body welcomed the budget for promoting infrastructure development. SIA president Pramod Singh, said, “spending of over Rs 2 lakh crore on road and railways would give a fillip to industrial growth too. About Rs 97,000 crore would be spent on developing road infrastructure. Development of road infrastructure is a sign of economic progress. It will also benefit the auto industries.” Singh also welcomed the skill development intiatives announced in the budget which he said would benefit the small and medium sector units based in Adityapur.
Adityapur Small Industries Association (Asia), the region’s largest and oldest industry body, welcomed the budget. “We welcome the budget. It will provide relief for MSME sector as the turnover limit for excise duty as been raised to Rs 2 crore from existing Rs 1 crore. The announcement of presumptive income of eight per cent will bring relief for MSMEs as it will remove several hassles," he explained.
The Singhbhum Chamber of Commerce and Industry (SCCI) too agreed that opening of 1,500 skill training centres would provide trained manpower to the local small and medium sector units which in turn can revive growth in the auto industry.
Father E Abraham, director, XlRI said “We are delighted that the government has taken a decision to empower Higher Educational Institutions to help them become world class teaching and research institutions by seeking to put in place an enabling regulatory architecture so that ten public and ten private institutions may emerge as world-class Teaching and Research Institutions. This move is definitely a step in the right direction. Top-tier, privately managed management education institutions have been adversely impacted in recent times as a consequence of the prevailing, differentiated, non-level playing ground policy framework vis-a-vis government-funded IIMs. We also welcome the decision to set up a Higher Education Financing Agency (HEFA) with an initial capital base of Rs 1,000 crores. Currently, Top-tier, privately managed management educations have to finance all capital expenditure like campus expansion, classrooms up gradation etc. through internal accruals. On the other hand, government-funded IIMs are extended financial support by the Government for various capital expenditure initiatives.
Tarun Daga, chairman, CII Jharkhand State Council said “FDI in the food processing industry will attract investment in this sector .Emphasis on Rural Development ,Education & Healthcare sector will provide opportunities for the domestic industry. He also highlighted that Tax Holidays for the Startups will further boost the economy and Expert committee on compliance regulatory is a welcome move. Focus on rural development in would open more opportunities for the industry.” A B lall head Tata Motors said “This seems to be a balanced and growth oriented budget , the Corporate Tax benefit to the MSME s is going to benefit the auto ancillaries, the focus on rural economy and infrastructure will fuel growth”