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Business EconomyPosted at: Jul 5 2019 4:23PM


Budget bold and innovative : SICCI

Chennai, July 5 (UNI) The Southern India Chamber of Commerce and Induustry (SICCI) on Friday said the Union Budget presented by Union Finance Minister Nirmala Seetharaman was bold and innovative.
It is a budget with a difference, SICCI President R Ganapathi said in a release.
The Government has rightly focused on E-vehicles, rural empowerment and overall economic development.
SICCI compliment the Finance Minister for rightly initiated to promote innovative Zero budget farming, 10,000 new farmer producer organisations, 80 Livelihood business incubators and 20 technology business incubators to be set up in 2019-20 under ASPIRE to develop 75,000 skilled entrepreneurs in agro-rural industries, he said.
The budget has provided vision for job creation by focusing on training centre, two per cent interest subvention for industries particularly rural and tiny sector, women empowerment through self help group to get Rs one lakh under Mudra for her business, over draft limit increased etc.
SICCI also welcomes the announcement of additional Rs.1.5 lakh deduction on home loans interchangeability of PAD and Aadhar for Income Tax Return, who do not have PAN cards, creation of MRO industry, he said.
Comprehensive restructuring national highway programme for creation of national highway grid etc., Creation of a new PPP model to usher the new draw of Indian railways, encouraged railways to invest more on suburban rail network via special purpose vehicle will certainly boost infrastructure
facilities were major initiatives for Railways.
However, SICCI feels that with the importance given more towards electric vehicles by way of tax concessions, duty reduction etc, the existing auto sector component manufacturers will be affected severely as they have invested substantially for upgradation, modernization to cater towards pollution control norms.
Secondly the additional duty of excise (road and infra cess) on petrol and HSD from Rs 8 to Rs 9 per liter is inflationary.
Another important component missing in the budget was the statement on the fiscal deficit and revenue deficit figures.
As a whole the first Union Budget of the new NDA Government was futuristic and savings driven growth budget.
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