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Industry bodies in Odisha satisfied but doubtful on 2020 Union busget

Rourkela Chamber of Commerce and Industry president Pravin Garg said that the Budget involves several technical points that are beyond easy comprehension of the common man.

Published: 02nd February 2020 07:15 AM  |   Last Updated: 02nd February 2020 07:15 AM   |  A+A-

Andhra Bank director Balgopal Mohapatra

Andhra Bank director Balgopal Mohapatra

By Express News Service

ROURKELA: It is a satisfactory Budget with long-term announcements but it remains to be seen how these translate into reality and help fight the economic slowdown to boost growth, said Pravin Garg, president of Rourkela Chamber of Commerce and Industry. The Budget involves several technical points that are beyond easy comprehension of the common man, he said.

Director, Andhra Bank and Chairman of Audit Committee Board of the bank Balgopal Mohapatra said the Budget seeks to meet the aspiration of common man and also paves the way for India to become a $5 trillion economy by 2022. Spending plan of about Rs 100 lakh crore in infrastructure sector is a long-term visionary move while the MSME sector is given more relaxations to further strengthen growth. 

Viability and debt structuring to MSME sector has been extended by one more year, he added. Nominal growth of GDP at 10 per cent for 2020-21 is a bold target, he said and added additional fund allocation would further strengthen the defence sector.

He observed that immediate PAN allotment on the basis of Aadhaar and electronic appeal hearing in e-assessment are welcoming moves and will save the taxpayers from unnecessary harassments. ‘Vivad and Vishwas’ scheme for pending direct tax cases will be a relief for those running to various appellate forums, Mohapatra said and added the Budget has taken care of the common man and middle-class.

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