Latest News | KCCI Welcomes Budget, Says It's

Mangaluru, Feb 1 (PTI) Kanara Chamber of Commerce and Industry (KCCI) on Wednesday said the Union budget is an excellent blueprint to provide a good roadmap for the future of the country.

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In a statement here, KCCI president Ganesh Kamath said the announcement on the Spatha Rishi theme would positively impact the economy of the region.

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The provision of Rs 6000 crore under a new sub-scheme - PM Matsya Sampada Yojana - would benefit south Kanara region, he said.

The budget lays focus on infrastructure development which has been increased by 33 per cent over last year's budget. KCCI hopes this outlay would address connectivity issues of Mangaluru, especially with Bengaluru.

Coastal shipping for passengers and transport being considered as priority under the budget is welcome, said KCCI which appreciates tourism development initiatives like promotion of domestic tourism, the statement said.

Ease of doing business has also been addressed by reducing 39,000 compliance procedures and 4,300 legal provisions are de-criminalised. KCCI welcomed the move in reduction of Customs duty on marine products and shrimp feeds.

The relief provided to MSMEs through two schemes is also appreciated, as also the funding of Rs 9,000 crore for MSME credit guarantee scheme which would contribute to the additional collateral free credit to the extent of Rs 2 lakh crore.

KCCI welcomed also the focus on start-ups, youth power and women entrepreneurship by launching various schemes for empowerment of the sector.

The budget document looks well thought-out with good focus areas and ideas initiatives on future development. KCCI said it would work on implementation of the ideas and initiatives to the benefit of the Dakshina Kannada region, the statement said.

(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)