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Trade and industry associations here have hailed the Union Budget under Prime Minister Narendra Modi presented by Finance Minister Arun Jaitley .
N Jegatheesan, President, Tamil Nadu Chamber of Commerce and Industry, has described the budget as positive and forward looking presented under extremely difficult economic situation.
Stating that the budget had many vital features which can drive the economy out of the current phase of slow down, he expressed the hope that as stated by the Finance Minister a solution would be found in the course of this year, including passing the legislation to introduce Goods and Services Tax.
Agrofood (India) Chamber of Commerce and Industry President, S Rethinavelu, has congratulated the Finance Minister for the special focus bestowed upon the agriculture sector and said that the slew of measures, if implemented would help the economy capture the growth momentum.
He observed that the changes proposed in the personal income tax are, however, negligible and no solution has been offered in respect of problems relating to Food Safety and Standards Act.
SP Jeyaprakasam, President, Tamil Nadu Foodgrains Merchants Association, while welcoming the slew of measures announced in the budget as all-inclusive and growth-oriented with a long-term perspective, said that the threshold limits proposed in respect of personal income-tax could have been raised still further.
VS Manimaran, President, Madurai District Tiny and Small Scale Industries Association, hailing the budget, said that the assurance to consider raising the capital ceiling in the definition of small scale industries and to find ways in three months to mitigate the problems of tiny and small industries are welcome features.
He, however, expressed disappointment that no announcement has come forth to reduce bank lending rates for the small scale industry sector.
R Sivarajah, Founder and Director, Nativelead Foundation, a non-profit organisation engaged in the promotion entrepreneurship skills said, “this is the first time that the Union Government has given thrust towards entrepreneurship. The schemes for innovation and start-ups would go a long way in creating the much needed entrepreneurial ecosystem in the country.”
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