PANJIM: The Goa Chamber of Commerce and Industry (GCCI), the apex body representing trade and industry in the State of Goa, hailed the ‘first budget in Amrit Kaal ’ presented by Union Finance Minister Nirmala Sitharaman as a very positive budget, which is focused on accelerating the growth of India.
GCCI president Ralph De Sousa said that the Saptarishi–7 priorities announced by the Finance Minister i.e, Inclusive Development, Reaching the last mile, Infrastructure and Investment, Unleashing the potential, Green Growth, Youth Power and financial sector encapsulated the Theme of the Budget.
The budget sets the road map for the next five year and has made significant allocations to infrastructure building, manpower skilling, green energy, inclusive development agriculture, industry and education, he said.
De Sousa said that the increase in capital and infrastructure spending will have a multiplier effect on the economy. The infrastructure boost is going to help in generating employment and will generate lot of ancillary units to come up.
The revamped credit guarantee scheme for MSMEs will help in industrial growth. The measures such as using digital technology, the unified filing portal, common business identifier, the two Vivad se Vishwas Schemes for MSMEs and reduction in compliances will go in a long way towards Ease of Doing Business (EoDB), he said.
The setting up of agriculture accelerator fund to encourage agritech startups in rural areas will help youth and agriculture sector in a big way, he said.
The raising in the slabs under new tax regime as well as the inclusion of standard deduction for the new tax regime is a boost to the middle and salaried class. The amendments in the limits for presumptive taxation will also benefit the smaller businesses and professionals, he said.
De Sousa said that the Finance Minister has also recognised the importance of tourism in employment generation. The last mile connectivity and highest ever allocation to rail is going to help tourism. The announcements relating to setting up of Unity Mall for the most popular tourist destination like Goa will go in a long way to encourage tourism.
Overall the budget is people friendly and meets the expectations of various stake holders, the GCCI president said.
