ROURKELA: Business community in the mining and industrial district of Sundargarh said the Union Budget was ‘relatively better’ than the last one.
They said the growth rate in the current year is unlikely to go beyond 5.5 per cent even as the country needs higher growth of eight to nine per cent. They said the burning issues including cut in subsidy and regulatory reforms were not properly addressed and opined that banks’ Non-Performing Asset norms needs to be relaxed to infuse liquidity in small and medium enterprises(SME) sector.
Rourkela Chamber of Commerce & Industry (RCCI) president, Subrata Patnaik, welcomed the allocation of `1000 crore to boost rail connectivity to North Eastern region, thrust on development of NHs and laying of additional 15,000 kms of gas pipelines. Patnaik lauded the move to appoint a committee to revive the micro, small and medium enterprises (MSMEs), decision to set up five new IITs and as many IMMs including one at Odisha. He also welcomed tax exemption limit for small, marginal and senior tax payers and enhancement in investment limit of Public Provident Fund.
Managing Director of the Adhunik Metaliks Ltd (AML), Manoj Agarwal, said the budget is growth oriented and it speaks of tax exemption, lowering rates of educational and housing loans which will benefit the common man.
“The move to develop 100 smart cities will lead to inclusive growth with boost to infrastructure and also increase consumption of steel and cement,” he said. Agarwal hoped the decision to amend the MMDR Act will increase mining investment and welcomed the move to enhance coal production to bolster economic growth.