Various trade and industry outfits in the state on Tuesday welcomed the Union budget presented by finance minister Nirmala Sitharaman.
T. V. Narendran, CEO and managing director, Tata Steel said, “The finance minister presented yet another progressive, future focussed and inclusive budget that aims to position the economy on an accelerated growth trajectory, especially in the backdrop of an encouraging broader economic recovery. It is heartening to note the government’s sustained focus on infrastructure and increased public spending while staying committed to the fiscal discipline and stable policy regime. We welcome Budget 2022-23 and look forward to concerted implementation of the proposed reforms to ensure the benefits percolate across the economy."
According to Narendra, the increased allocation to infrastructure spends will certainly have a multiplier effect on the economy, generating employment opportunities across the country and creating demand across product categories, including steel.
"The budget was mostly on expected lines. Huge allocations granted to infrastructure and Capex. Railways gets special mention after a long time. The 400 New Vande Bharat trains will give a boost to affordable and comfortable travel, " said Bharat Vasani, a local businessman and an executive member of Singhbhum Chamber of Commerce and Industry ( SCCI ), the largest and oldest trade outfit of Kolhan. "The PM Awas Yojna will get a big boost as announced in the budget. This will help flourishing business of brick kilns (both fly ash and sand). More rural and last level employment will be benefited, " he pointed out.
The Confederation of All India Traders ( CAIT) termed the budget as a progressive economic document. "The Union budget is a comprehensive and progressive economic document which ensures development of each and every sector in a structured way and provides ease of doing business to traders, ensuring robust growth in health sector and services and above all becomes an effective document. Several new announcements including extension of Emergency Credit Line Guarantee Scheme ( ECLGS) , linkage of Perfornance Linked Incentive (PLI) scheme to various sectors will not only benefit the small manufacturing units but will also leverage the trading sector since the manufacturing goods and consumable income will come to economy and therefore will meet the current challenges of financial liquidity in the trading sector" said CAIT national secretary Suresh Sonthalia. However, he regretted that no announcements were made regarding simplification and rationalization of GST tax structure.
President of Adityapur Small Industries Association ( ASIA ) Santosh Khetan termed the budget as extremely future-oriented. "Emphasis on digitisation of government processes, incentives for startups enabling flow of capital (lower capital gains for venture investments), and a general focus on sunrise sectors is evidence of this. Impact of this will be felt over the next decades and not in the short term, " he explained.
HK Pradhan, professor of Finance and Economics, XLRI said the Union budget focusses on the broader macro dimensions of growth and investments, with strong focus on capital expenditures. "The finance minister takes a very decisive step to bolster growth further, with the FY 22 GDP that has returned to its pre-pandemic level, supported by the buoyancy in the GST revenue collection, " he said adding that the FM makes further push to the existing thrust on digital economy such as launching of the central bank digital currency backed by blockchain technology, setting up digital banking units in 75 districts, bringing to the tax net digital assets such as crypto currency gains.
Middle class blasts union budget over lack of job scope
People watching budget telecast at an electronic show room in Dhanbad on Wednesday Gautam Dey
Dhanbad: Middle class in general and salaried section in particular besides financial experts termed the union budget 2022-23 presented by union finance minister Nirmala Sitharaman today as extremely disgusting and directionless. They claimed that the budget has nothing to provide solace to the salaried class and middle class which has been affected in the worst manner due to the impact of the pandemic owing job losses and industrial closures.
Talking to The Telegraph Online, Pramod Pathak, renowned management consultant and former Head of the Department of Management studies IIT (ISM), said, “The budget presented today is extremely glaring as if failed to address any f the concern of the middle class in general and salaried class in particular. The salaried class is the biggest tax payer class of the country and they should be provided relief."
Naresh Kumar Ambastha, former Head of Department of Philosophy of Binod Bihari Mahto Koyalanchal Universit said, “The budget is disgusting and directionless and failed to address the major issues affecting the common people What about the employment of a large number of youth who have lost their jobs during the pandemic and others who are working at half or less than half salaries?”
The finance minister talked about 25 years of budget but she failed to explain her plans in 2022-23 to drive the economy by ensuring job guarantee and source of income to common people” said Ambastha. Shekhar Kumar Sinha, a tax consultant of Hirapur Area of Dhanbad, on other hand said, “The budget failed to address the major concerns of the common people with regard to employment generation for youth, educational sector reforms thus it has failed on almost all front and proved to be an eyewash.”
Praduman Choubey
