Traders, industrialists, members of the business fraternity and industrialists gave mixed reactions on Union Budget 2022 – 23 presented by Union Minister of Finance, Nirmala Sitharaman on Tuesday.
Federation of Jharkhand Chambers of Commerce and Industries (FJCCI), Chief Dhiraj Taneja said that for mineral rich states like Jharkhand, there was a hope of further expansion in infrastructure, whatever is missing, it is expected that it will be considered.
“The budget has a special focus on infrastructure, healthcare, agriculture, housing and education. There is some indifference due to the absence of a direct incentive scheme for the MSME sector. National highways of 40 thousand kms, mountain range networks with 400 Vande Bharat Train, corporate tax cuts and plans to promote private investment will accelerate industrialization. Similarly, the plan of 100 PM Gati Shakti Cargo Terminals will develop an innovative way of building a metro system. In the budget, the announcement of the launch is commendable of an online billing system to boost the electric vehicle market, increase the emergency credit line scheme from Rs 50 k to 5 lakh crore by March 2023, extend the time period of tax exemption for new startups and reduce delay in payment,” he added.
The Confederation of All India Traders (CAT) has described the Union Budget presented by Finance Minister Nirmala Sitharaman as a comprehensive and progressive budget document. CAT's National Secretary Suresh Sonthalia, in his statement issued on Tuesday, said that the phased development of trade and small scale industries, along with ensuring the development of each sector from the general budget, underlines the parameters of strong growth in health sector and services. Overall, it can be called a complete developing budget. Sonthalia said that many new announcements including expansion of ECGL scheme with Rs 5 lakh crore, linking of PLI scheme to various sectors will not only benefit the small manufacturing units but also the business sector.
Sonthalia lauded the talent of Union Finance Minister Nirmala Sitharaman, saying that she has been able to set the agenda of the Indian economy envisaged by Prime Minister Narendra Modi through the budget, despite huge constraints and domestic and global challenges and helping the business community of the country. She deserves 8 points out of 10 from the side.
Jharkhand Small Industries Association also lauded the Budget and said that initiative like MSME based circular economy being prioritized is a welcome step, litigation management body being step up ill further ease of business, domestic production being encouraged through various interventions, ECLGS scope being widened will benefit MSME and e business being prioritized which will be welcomed.