Regional traders, industrialists find Budget balanced and growth-oriented
   Date :02-Feb-2023

Regional traders 
Business Bureau
Even as there was no region specific announcements in the Union Budget as per the high expectations of the traders, industrialists and professionals of the Vidarbha, they welcomed it believing that the economy would grow because of the steps initiated by the Union Finance Minister Nirmala Sitharaman.
Most of the industrialists felt that the Budget proposals would further improve liquidity in the markets and eventually take the demand to higher levels. Even the increased fund allocation for infrastructure development also brought smiles on their faces while they were watching the live telecast of the Budget speech by the FM on Wednesday. Many traders and professionals were also seen satisfied over the Budget proposals. According to them, the increased Income Tax exemption limit would strengthen buying ability of middle class and salaried persons.
However, some of them were astonished to see no special relief was given to industries of the region. There were high expectations among the regional industrialists with regard to special schemes for revival of sectors like textile and others that bearing the brunt of recent pandemic induced restrictions. B C Bhartia, National President of the Confederation of All India Traders (CAIT):- The Budget ensured development of each and every sector in a structured way and provided ease of doing business to traders ensuring robust growth in health sector and other services.
Efforts to benefit the small manufacturing units will leverage the trading sector since the manufacturing goods and consumable income will come to the economy and therefore will meet the current challenges of financial liquidity in the trading sector. However, we regret that no concrete announcement has been made regarding simplification and rationalisation of GST tax structure which is far away from “One Market-One Tax” principle and has highly disappointed the business community.
Vishal Agrawal, President - VIA:- The Finance Ministers has initiated concrete steps to improve the country's infrastructures which is visible from the huge allocation of funds for the sector. We need good roads and better connectivity to sea industrial clusters shaping up in any region. China has created world class infrastructure because of which Chinese companies are flourishing. I think the Government has realised the significance of infrastructure and it is good for all of us. In addition, the Government’s focus on building households under the Pradhan Mantri Awas Yojana will create new demand for various products and commodities.
Ashish Doshi, Secretary – VIA:- Keeping the goals of Amritkal in mind, the Finance Minister has kept the focus on inclusive development, productivity enhancement and financing investment and PM Gatishakti. Good emphasis
has been made for giving a boost to the agriculture sector, startup, etc. Inspite of a 27 per cent increase in tax-collection, no major announcements were made for new industries or investments. Start-ups are given some encouragement but the overall Budget doesn’t show any major change in company taxation, fund allocation, etc.
Prashant Mohota, Chairman of VIA Energy Forum:- It is good to see that more disposable income would be available with the middle class families because of the cut in Income Tax. On a similar note, happy to see FM sticking to the commitment made in terms of fiscal consolidation by bringing the fiscal deficit to a reasonable level of 5.9 per cent of GDP. But I was very surprised to see no new announcement for promotion of new investment or industrialization. Additionally, we were also expecting a cut in Custom Duty on cotton because of the huge increase in its prices due to the production shortfall in the country.
CA Sachin Jajodia, Convener of VIA Taxation & Corporate Law Forum:- This Budget focused on improving structural aspects like improvement in storage buildings, extending working of ICMR labs, unified filing systems, moving from input-based incentives to performance-based incentives etc. The Government wants to move towards the new tax regime from the old tax regime and hence proposed tax benefits by improving personal tax rates for the new tax regime and making the new tax regime default for all.