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In an increasingly challenging economic environment and slowdown, the Maha Vikas Aghadi government in Maharashtra presented a balanced budget for FY20-21, keeping in mind all the stakeholders said Sulajja Firodia Motwani, Chairperson, FICCI Maharashtra State Council in a media statement.
The concession of one per cent on stamp duty for Mumbai, Pune and Nagpur regions is a welcome move. This shows the government recognizes the need to create some demand-side stimulus to the ailing real estate sector, which is a major employer and wealth creator in the state said Anant Goenka, co-chair, FICCI Maharashtra State Council in the statement.
The statement said that creation of a green fund to tackle the challenges of global warming and climate change through an increase in VAT on petrol and diesel will help in conservation of the environment, but overall increase in the VAT may not be very effective on retail prices due to constantly declining crude prices worldwide,
Enhanced outlay on tourism promotion, infrastructure development of existing tourist destination and creation of international standard tourist complex comprising of a world-class aquarium in Mumbai are some of the major initiatives proposed in the budget and will help the state in attracting more domestic and overseas tourists, the FICCI statement added.
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