Transformational, growth oriented Interim Budget - SICCI
The interim budget presented by the Hon’ble Finance Minister Shri. Piyush Goyal today in the Parliament is transformational, growth oriented. The budget has rightly covered each and every sector of the economy. The financial package for farmers, the Pradhan Manthri Kisan Samman Nidhi Scheme under which each farmer will receive an amount of Rs.6,000/- per year directly in their bank account, which is a step in a right direction. All farmers affected by severe natural disaster will continue to get 2% interest subvention and additional 3% on timely loan repayment. SICCI welcomes the government’s intention of procuring 25% from the MSME sector and 3% from women entrepreneurs in the MSME sector. SICCI welcomes the announcement of 2% interest subvention on loan of one crore for GST registered MSME units is another welcome measure. Another welcome measure is the introduction of Pension Scheme for unorganized sector. The announcement of container freight at inland waterways can be pivotal to the economy.
The much-needed relief to the salaried, middle class people from Rs.2.50 lakhs to Rs.5.00 lakhs is welcome. Further, the increase in standard deduction, the threshold TDS limits on interest etc., has been increased from Rs.10,000/- to Rs.40,000/-. Further, the capital gain tax benefits, TDS on Rent notional income etc., has been substantially increased are other welcome measures. The budget has also outlined 10 most important directions including ease of living, digital India, pollution, rural industrialization, clean rivers, healthy India and Team India with a vision Minimum Government Maximum Governance. SICCI is confident that the announcement and the vision will trigger the economic growth.