The industrialists and business bodies of Jharkhand have welcomed the interim budget tabled by Union Minister Piyush Goyal on Friday, calling it a well-balanced budget that will be beneficial for citizens from all walks of life.
The Federation of Jharkhand Chamber of Commerce and Industries (FJCCI) said that the budget was a major boost to the agriculture sector and will effectively address the problems of farmers in the country.
“The budget will give a major boost to the agrarian economy. It also benefits MSME (Micro Small and Medium Enterprises) by reducing the rate of interest by 2 per cent for a businessman who wants additional loan over an ongoing business loan,” said Deepak Kumar Maroo, President, FJCCI. The Jharkhand Small Industries Association (JSIA) has also lauded the budget for the benefits it provides to the middle class and workers in unorganized sectors. “A lot has been done for the people working in the unorganized sector. Income Tax exemption up to Rs 5 lakh is a welcome move,” said SK Agrawal, President, JSIA.
He, however, added that the MSME and tourism sectors have not been given the attention they deserved.
Secretary of JSIA, Anjay Pacheriwala called the budget a masterstroke. He said that the social security and pension schemes for workers in the unorganized sector will immensely benefit the masses.
The Institute of Chartered Accountants of India, which brought at least 60 chartered accountants under the same roof in Ranchi to watch the budget and brainstorm on the points, has given a positive response to it. Vinod Kumar Banka, one of the chartered accountants present in the session said, “This budget brings a lot of benefits for the middle class. The increase in standard deduction from Rs 4,00,000 to Rs 5,00,000 will also benefit the middle class immensely.”
The budget, however, faced its share of criticism too.
Niranjan Sharma, State President of Business & Trade and owner of a leading business chain in Ranchi, slammed the budget, calling it a “Jumla”.
“There is nothing for the tourism sector and youths in the budget,” he saidl.