Latest News | Rajasthan Industry, Trade Organisations Hail Budget as Progressive

Jaipur, Feb 1 (PTI) Industry and trade organisations have termed the Union budget progressive and growth-oriented for the business in the country.

However, some industry leaders also expressed disappointment on a few of their key issues.

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"I would indeed call this budget a progressive one, paving the way for the next 25 years. The Government has focused hugely on infrastructure, which will boost the economy," Chairman, Confederation of Indian Industry (CII), Rajasthan, Gaurav Rungta said.

The government has announced the extension of the MSME Guaranteed Scheme, collateral-free loan and releasing 95 per cent payment stuck as penalties in contracts that could not be fulfilled during COVID times, he added.

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Randhir Vikram Singh, Chairman, FICCI Rajasthan State Council and CMD Mandawa Hotels said the Union Budget will give impetus to tourism promotion and augmenting infrastructure in border villages under Vibrant Villages Programme will have a positive impact on the sector.

The effort to make India a Global Millets Hub will also have a positive effect on Rajasthan, which is a leading producer of Millets. Setting up the Agriculture Accelerator Fund will promote entrepreneurship in rural areas.

A Sebi-registered investment advisor and founder of Sahastha Financial Consultants Piyush Khatri said that it is a good budget overall. Increasing the rebate in tax-free income from 5 lakh to 7 lakh will ultimately benefit the market as the more consumable funds will benefit the market to increase consumptions.

He said that the difference between the old and new regime has been reduced a lot and you might see more people opting for a much simpler new tax regime.

On the other hand, National president of All India Tent Decorators Welfare Association Ravi Jindal said about 15 crore traders are disappointed as the government has not given industry status to tent businesses and has not reduced the 18 per cent GST slab.

Honorary secretary of Jaipur Chamber of Commerce and Industry Ajay Kala said the gems and jewellery industry was expecting a reduction in import duty on gold, but it was not announced.

He said that customs duty on gold and silver has been increased, which will make products made from them costlier.

Prem Biyani of All Rajasthan Trade and Industries Association described the Union Budget as a budget to improve the country's agricultural and industrial economic health. Along with this, he also raised concern over the increasing fiscal deficit.

(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)