VISAKHAPATNAM: Industry and commerce circles welcomed the union budget presented by Finance Minister Nirmala Sitharaman in the Lok Sabha on Saturday. "The budget is safe and a good one with focus on rural economy, infrastructure, environment and manufacturing sector. The proposals are aimed at achieving higher GDP," they opined.
Much expected move of removal of Dividend Distribution Tax will enable the companies to have more funds and shareholders will feel happy. At the same time, it will make Indian equities more attractive, they said.
Chairman of Confederation of Indian Industry (CII) Andhra Pradesh Vijay Naidu Galla said that the budget would boost the MSMEs and start-ups. He felt that measures announced in the budget would strengthen the investors’ confidence.
The proposed logistics framework announced in the budget will reduce the logistics cost for industry and accelerate growth, he felt. Chairman of Public Policy Taskforce JSRK Prasad said announcements made by the Finance Minister will help enhance liquidity and cash flow and increase the purchasing power of people.
He said that the budget proposal would attract new investments and create more employment opportunities for youth. Chairman of CII Vizag zone KVV Raju said true to its slogan ‘faster, higher and stronger’, the budget focused on clean air, renewable energy and infrastructure. He said that the Finance Minister laid the roadmap for achieving the target of USD 5 trillion economy.
AP Chambers of Commerce and Industry Federation representatives hailed the budget as a good step in the direction to become a USD 5 trillion dollar economy. President-elect of AP Chambers Pydah Krishna Prasad said dividend tax distribution will boost market sentiments and make Indian equities more attractive.
Also, income tax rates have been slashed on one hand and exemptions removed, he said. "The budget made a lot more thrust on infrastructure development and rural facilities for farming," said Sudhir Mulagada, chairman of AP Chambers Visakhapatnam Zone.
In addition to that, slashing of corporate tax on the power industry to 15 per cent is a welcome move, he said. "The budget underscores the government’s ambition to make the farming sector competitive by doubling farmers income," he opined.