CHENNAI : Industry reacted positively to the budget and claimed it is supporting MSMEs, encouraging entrepreneurship, and boosting employment. The schemes to get more people into the formal sector will go a long way in tapping into the potential of India's young workforce, and the continued commitment to infrastructure development is a big boost for economic growth and opportunities, said Sudarshan Venu, managing director, TVS Motor Company.
Confederation of Indian Industry Chairman, Tamil Nadu State Council, Srivats Ram said infrastructure spending of Rs 11.11 lakh crore will result in the consumption in the downstream industries. This will have a multiplier effect. Ajit Chordia, managing director of Olympia Group, said the finance minister's statement to encourage states to reduce stamp duty is relevant for Tamil Nadu as the state is charging little high on stamp duty.
TR Kesavan, President of the Madras Chamber of Commerce and Industry, said the union government has made several forward-looking decisions, focusing on reducing litigation in direct and indirect taxes, revamping MSME schemes, provisioning for farm research, and promoting higher employment opportunities for women and freshers, with an emphasis on skilling, while balancing fiscal responsibility. The decision to review tax laws in six months builds confidence and the abolishment of Angel Tax for all levels and lowering corporate tax for foreign companies is a big boost to start-ups and corporates, he said.
Jurgen Bailom, founder/ CEO, Cordelia Cruises, said the government's recognition of the tremendous potential for cruise tourism in India and the introduction of a simpler tax regime for foreign shipping companies operating domestic cruises along with the presumptive taxation regime for cruise ship operations by non-residents, are likely to boost infrastructure development and create employment opportunities. Chennai is emerging as hub of cruise tourism.
The budget addresses import dependence in the medical device sector by introducing a health cess on customs duty for remaining medical devices. This aims to fund Ayushman Bharat and ensure quality, affordable healthcare, says Dr GSK Velu, Chairman and Managing Director, Neuberg Diagnostics, Maxivision Eye HospitalsTrivitron Healthcare.