The first Union Budget of National Democratic Alliance (NDA) Government was welcomed by trade associations and companies in Jharkhand for various provisions supposedly incorporated in the policy in the interest of the industry and the country. Business fraternity welcomed measures introduced in the Budget and praised the efforts of Finance Minister Arun Jaitley to put the economy back on track.
Although Jharkhand was not specifically mentioned in the Budget speech of Jaitley. the State is likely to get benefit from Pradhan Mantri Sichai Yojna for which the Finance Minister has earmarked Rs1000-crore. Besides, the pipe-line project to explore the tremendous opportunity of coal-bed methane is also likely to help the State which has one of the biggest reserves of its kind in the country.
“This is a good budget. Jharkhand is likely to benefit greatly from irrigation projects. The budget also talks about opening up insurance industry and foreign direct investment in defence sector which is good,” said president of Federation of Jharkhand Chamber of Commerce and Industries, Bikash Kumar Singh.
Also, the Finance Minister’s assurance of revisiting the formula of royalty sharing and impetus to manufacturing sector has been appreciated greatly by the business community of Jharkhand.
National trade body, Confederation of Indian Industry (CII) admired steps of fiscal consolidation, proposal to setup Expenditure Management Commission which was suggested by the confederation besides maintaining a stable and predictable tax regime among others.
“Budget 2014-15 provides an extensive roadmap for all sectors of the economy and would lay a strong and stable foundation for boosting savings and investments. We are particularly happy since a large number of suggestions of CII have found place in the Budget. This budget is directional and aimed at the medium term,” president, CII Ajay Shriram in a Press communiqué released from Delhi.
In a post budget reaction, Essar Power welcomed easing of bank lending norms to infrastructure, coal linkage rationalisation and provision of coal for standing project, easier mining laws to revive the sector, MAT relief which will help sectors going through financial stress.