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Kerala would need to take proactive steps to take advantage of the Union Budget and create a conducive environment for infrastructure lest it find itself ‘disconnected' with an emerging and changing India, according to Mr C. J. George, Managing Director, Geojit BNP Paribas Financial Services.
He made these comments while speaking at panel discussion organised by accounting firm KPMG in association with the Kerala Chapter of The Indus Entrepreneurs (TiE) here the other day.
BOLD STEP
Mr George complimented the Union Finance Minister for taking a bold step to include fertiliser industry within the purview of infrastructure.
Mr George said the market was largely ‘happy' about various provisions made in the Budget.
He appreciated the measures taken to tackle inflation at the supply chain level and also the provisions implemented to promote industrial growth through initiatives to boost foreign investments.
Mr Jose Dominic, past president of TiE Kerala Chapter, stated that the Budget failed to deliver the right impetus for rural and agricultural growth.
But, he expressed satisfaction over some of the discreet proposals made with a view to boosting infrastructural growth in the country.
PRIMARY SERVICES
But increase in cost of certain primary services including those provided by private hospitals, insurance companies and hotels, may further raise the cost of living for the common man.
Mr S. R. Nair, charter member of TiE, who was also the moderator of the session, said the Budget would impact inflation, which in turn would have a bearing on the country's gross domestic product (GDP).
Mr Nair also commended the proposals to curb the emergence of a parallel economy within the country.
I-T SLAB
Mr Uday Ved, a senior partner heading the tax practice at KPMG, said the revision in the income tax slab would proffer increased cash flows to the individual.
The monies saved could be utilised to defray the higher costs inter-alia emanating from the new indirect tax proposals (for instance tax on services rendered by certain hotels and private hospitals) coupled with the spiralling inflation.
Reduction in the qualifying age for senior citizens from 65 years to 60 years and the removal of the requirement of salaried tax payers to file their Income Tax Returns subject to the deduction of taxes at source by the employer, is also a positive step.
The thrust area in the Budget has been on agriculture which would also be beneficial to Kerala's economy.
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