It Is Futuristic Budget, Inclusive Growth Reaching Last Mile: Telangana Industry Reacted

Hyderabad, Feb 1 (Maxim News): The Union Budget for the financial year 2023-24 presented by Union Finance Minister Nirmala Seetharaman invoked a lot of positive responses from the Industry. Several industry experts, who assembled at Federation House for live viewing of the budget presentation, gave their reaction after the budget presentation was over by the Minister.

It is a futuristic budget with a year full of promises is how Anil Agarwal, President of FTCCI reacted. Sharing his reactions, Anil Agarwal said, it is a growth-oriented budget covering all sectors. The seven priorities: Inclusive growth, reaching the last mile, infrastructure development and investment, Unleashing the potential, Youth Power Financial Sector, and Green Growth ensure the development of all sectors. Tribal development, their housing, Ekalavaya Model schools, fillip to infrastructure development, reviving of 50 airports, helipads, the emphasis on rural development, much need help to MSMEs, thrust on Tourism, Skill Centers, raise of income tax limit to 7 lakhs all good offer good to all including the industry, he said.

Srinivas Garimella, Chairman of the Industrial Development Committee of FTCCI termed it as a very good budget. It is also a well-balanced budget’. He appreciated big ticket allocation for infrastructure development and the increase in spending on this sector. The outlay increased by 33 percent to Rs 10 lakh crore for Financial Year 2024. He gave a big thumbs up to the Union Minister for her well-balanced budget which allocated enough funds for every sector. The reduced compliance budget is good for the industry. He thanked the Minister for continuing assistance to MSMEs. He also thanked for infusing Rs 9000 crore into the corpus, reducing the cost of credit. Contract failure protection and returning 95 percent of the forfeited amount all augur good for the growth of the industry.

It is an all-favorable budget said Sudhir VS, Chairman of GST and Customs Committee of FTCCI. The budget has come to the rescue of several middle-class people. The budget focused on Skilling and education which are the need of the hour. The focus on green energy is welcome. It will pave a way for developing alternative and environmentally friendly fuels. It reduces the import budget and saves the much-required forex for the nation. Setting up Centers of Excellence for Artificial Intelligence is the right step in a positive direction, he said.

Prem Chand Kankaria, Chairman of the Banking, Finance & Insurance Committee of FTCCI said for growth two things are very important. Keeping his reactions limited to banking he said, the two key factors and disposable income in the hands of people to spend more. This will trigger well and will have a ripple effect on the economy. The benefits offered to senior citizens, making PAN the single source of identification, reducing compliance burden, and adjusting it with just one form, Vivad se Vishwas initiatives go a long way in making this budget a people-friendly budget.

Hari Govind Prasad, Chairman of the Direct Taxes Committee, FTCCI said overall the budget is very good. There is no end to ‘yeh dil mange more’. But, this is a very good budget which offers something to every sector. I am pleased to share that the Finance Minister was kind enough to accept some of FTCCI’s recommendations, particularly about some relaxations to salaried and pensioned classes. The appointment of 100 Joint Commissioners for appeals for tax-related disputes is a welcoming one. Leave encashment, KYC process simplification, raising TDS limit, and raising personal income tax exemption to 7 lakhs are positive issues of the budget, he observed. Changes made in tax provisions allowing the public to have surplus funds will ensure positive economic growth as their spending capacity will get a boost.

VS Raju, Past President of the FTCCI said this budget puts the Indian Economy in a stronger place. India’s growth at 7 percent in the current fiscal is the highest among major economies. It may be a full budget before the elections, but it is the budget that is planned to do a lot more good to strengthen our economy, he added. Another past president Lakshmi Nivas said the 50-year interest-free loan to states has now been increased to Rs 1.3 lakh crore, 30 percent more than what was allocated for the previous year. The government has outlined its priorities very well. Though there is a scope for improvement, still this budget is a very good one, he concluded.

Several Committee Chairmen, Members, Industry representatives, and experts have joined in witnessing the budget presentation in Federation House. (Maxim News)

Next Story :

  • Dogs Are Causing Havoc In The GHMC Limits

    Dogs Are Causing Havoc In The GHMC Limits

    Hyderabad, June 4 (Maxim News): Dogs are causing havoc in Greater Hyderabad Municipal Corporation limit. Wherever people are seen, they are scrounging.  Dog attacks especially on children have increased.  People are afraid to step out of the house with the dogs on their own. 

  • US President Biden Expresses Grief Over Odisha Train Accident

    US President Biden Expresses Grief Over Odisha Train Accident

    US President Joe Biden has voiced his deep concern following the tragic Coromandel Express accident in Odisha, describing the news as ‘heart-rending.’ The leader of the United States was visibly shaken upon hearing about the incident, extending his profound sympathies to the bereaved families.

  • Speculation Of TDP & BJP Alliance Reignited As Chandrababu Meets Amit Shah

    Speculation Of TDP & BJP Alliance Reignited As Chandrababu Meets Amit Shah

    Amravathi/Hyderabad, June 4 (Maxim News): Telugu Desam Party (TDP) President N. Chandrababu Naidu’s meeting with Union Home Minister Amit Shah and BJP National President JP Nadda in New Delhi has triggered speculation of the two parties reviving their alliance.

  • Top Maoist Leader Katakam Sudarshan Dead

    Top Maoist Leader Katakam Sudarshan Dead

    Hyderabad, June 4 (Maxim News): A top Maoist leader, who had escaped numerous exchanges of fire and branded a most wanted one in India, Katakam sudarshan died on May 31 while being underground in Dandakaranya of Chhattisgarh, the Maoist party announced in press release today.

  • Admissions into entrance based courses at MANUU to end tomorrow

    Admissions into entrance based courses at MANUU to end tomorrow

    Hyderabad: The extended last date for online submission of application form for entrance based regular courses of Maulana Azad National Urdu University (MANUU) will end on June 06, 2023. The entrance tests will be held as scheduled on 20th, 21st and 22nd June, 2023.

Now you can get the latest stories from Indtoday on Telegram every day. Click the link to subscribe.  Click to follow Indtoday’s Facebook page and Twitter and Instagram. For all the latest Hyderabad News updates

Leave A Reply

Your email address will not be published.