Port Wings News Network:
A clear futuristic Budget, said, Rajendra Kumar P, President, Hindustan Chamber Of Commerce, reacting on the Union Budget 2019-20.
The current budget has shifted the focus from Agriculture, Industry, Defence etc. to Rural, Urban, Youth, MSME, Start-ups. This is first time we are hearing of such special emphasis on these sectors. Budget benefitting the Rural, Urban population, MSMEs, Start-ups and coming out with various ways to encourage investments through FDIs and FIIs.
The proposal to let FIIs and FPIs to invest in debt securities issued by NBFC, would provide a much needed boost of capital to a sector now starving of capital.
Encourage people to go in for Electric Vehicle is most welcome and the rise in Petrol price will immediately affect the common man and thereby the prices of commodities. Distribution of wealth evenly by increasing the surcharge for high earning citizens is a good move.
Increasing the Turnover for Companies to Rs.400 crores for 25% tax would definitely give some relief to Corporates.
The proposal to levy TDS of 2% on cash withdrawal exceeding 1 crore coupled with absorption of charges for digital transaction by Banks and RBI aimed at curbing of transactions in cash is a well thought out move to put at check black money transactions. This Budget has focused on overall growth of the nation and supports Start-ups and entrepreneurs. The proposal that the startups shall not be subjected to scrutiny on angel tax is a big relief for startups.
Measures with respect to tax evasion, curbing of black money were expected based on the clear mandate given by BJP at the time of election. Rs.100 crore allocation to infrastructure development is a welcome measure and it is not known as to how the resource mobilization will be done to meet this. The only disappointment is that there is no concrete proposal to boost the sagging real estate sector.