Latest News | Budget Provisions Will Boost Country's Industrial Development: MP Industry Bodies

Indore, Feb 1 (PTI) Industry bodies in Madhya Pradesh on Wednesday said the Budget 2023-24 provisions will boost the country's industrial development.

Finance minister Nirmala Sitharaman tabled the Union Budget in Parliament on Wednesday.

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"The government has proposed a capital fund of Rs 10 lakh crore for infrastructure development and Rs 2.40 lakh crore for railways, which will give a boost to the industrial development of the country," president of Association of Industries Madhya Pradesh, an organisation of micro, small and medium enterprises (MSMEs), Yogesh Mehta told PTI.

He also appreciated the revised credit guarantee scheme for MSMEs with an additional outlay of Rs 9,000 crore and budget proposals to promote skill development among youth in modern technologies like artificial intelligence, robotics and 3D printing.

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Pithampur Industrial Association, which represents 1,500 small and big industries and the largest industrial area of the state, has also praised the budget.

Its president Gautam Kothari said, "Taking the country towards a green economy through budget provisions is a welcome step by the government. The budget has given special attention to adequate provision of credit and working capital for small industries".

However, Ramesh Khandelwal, president of Ahilya Chamber of Commerce, an Indore-based federation of business associations, termed the general budget as disappointing. "We don't see any ray of hope in the budget from the point of view of small and medium traders".

Confederation of All India Traders (CAIT) national vice president and Indore-based businessman Ramesh Chandra Gupta said the budget provision of no tax on income up to Rs 7 lakh under the new tax regime will benefit the business world.

"This provision will put more money in the hands of the middle and working class, and a large part of it will reach the market and boost domestic consumption," he said.

This will also increase the tax revenue of the government.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)