A large number of industrialists, traders and professionals of the region on Thursday expressed satisfaction over the Union Budget presented by Union Finance Minister Nirmala Sitharaman saying that it reflects the Government’s resolve to continue growth measures in coming days. They also welcomed it believing that the economy would grow further because of the steps initiated by the Government in various sectors. Soon after watching the live telecast of the speech of the Finance Minister at VIA Auditorium, Vishal Agrawal, President - VIA, said that the Government’s commitment on spending on infrastructure will certainly prove beneficial to many sectors. “Highlight for the budget is rooftop solarization for one crore houses, which will give 300 units free to the concerned consumer. It will help for the Government’s sustainability development net zero effort,” he said. Agrawal also appreciated the Government’s three major railway corridor programmes for energy and mineral port connectivity and decongestion of high traffic areas. Proposal for dedicated freight corridor and 40,000 rail bogies which will be upgraded to Vande Bharat standards is another good initiative. Road connectivity is improving which will support the Government’s initiative of green energy. In addition to this, offshore wind turbines and other initiatives like coal gasification, biomass, electric vehicles, other charging stations, e-buses, biodegradable plastics and polymers are going to create new opportunities for entrepreneurs, he added. “The Government is giving emphasis on tourist centers.

 

The policy makers are planning to build 60 new tourist places, develop business conferences and spiritual tourism spots. Some of these spots will be rated by the Central Government. Even places like Vidarbha will benefit a lot from this. Port connectivity is also another good initiative which is going to prove beneficial for the land-locked Nagpur region,” Agrawal further said. CA Sachin Jajodia, Convener of VIA Taxation and Corporate Law Forum, said the Interim Budget 2024 is on the expected lines because it’s a vote on account budget. “There are no changes in the direct and indirect taxations. This budget focuses on what the Government has achieved in the last 10 years and also the way forward in terms of economic growth. The focus is on “Viksit Bharat 2047”. Budget 2024 demonstrates a continued focus on the tech landscape, emphasizing inclusive growth across various sectors such as agriculture, finance, health, and diverse communities that empowers the economy across all sectors,” he said.

 

However, he also said that the FM could have brought in procedural relaxation in direct and indirect taxes which would be in line with ease of doing business. In a similar event held in the office of the Confederation of All India Traders (CAIT), traders after watching the live telecast of FM’s speech expressed their views on the budget. Some of them said that the market will soon witness increased liquidity because of the government’s huge spending on infrastructure. On the other hand, a couple of traders felt that the FM could have announced some relief in taxes. B C Bhartia, President of CAIT, said the country’s trading community was expecting support from the Government in the form of reduction in direct and indirect taxes. Professionals including tax practitioners and others appreciated the FM’s move to maintain continuity in the tax system.