PANJIM: Even though the post budget media briefing of GCCI members diplomatically touched the right notes, the mood at the Goa Chambers of Commerce and Industries (GCCI) before the budget speech was read out by Union finance minister Arun Jaitely, was to the tune of “full expectations”. However, as the speech progressed, the reactions on the faces became sombre amidst many Goa’s big-wigs who were sitting together and watching the live speech on a big screen. Being one last full budget before the 2019 general elections and virtually no relief to the salaried middle class people, was quite a dampner and expectations to get some relief from income tax was belied.
At Confederation of Indian Industry (CII), Goa chapter the chairs in the hall waited to provide rest to interested bodies. Apart from the team from KMPG, the President of the CII a couple of individuals and barely two mediapersons were present. Yes of course, it was half past ten and pretty early in the day. The mood was on one of cautious optimism and as the finance minister hit his stride, there was a quite sense of resignation amongst Goan businessmen as nothing seemed to be present for them. It was however felt that when the budget was perused in detail there would be without a doubt something for the state.
“Our expectation from this budget was that the farm, education and health sector will get special attention which it got. There was also a feeling that the middle class was expecting relief as far as income tax was concerned, especially after demonetisation and GST. The salaried class may be a bit disappointed because barring a standard deduction of Rs 40,000, there is no relaxation of existing income tax slabs. Effectively, there will not be more than Rs 5000 benefit for income tax payers in real term,” said the President of GCCI, Mr Sandip Bhandare.
Vice chairman of the GCCI’s taxation committee, Mr Santosh Kekre was appreciative of the reforms proposed in the health sector. “This is one of the world’s largest healthcare programme in which 10 crore families which could be 50 crore in number terms will be benefitted by the insurance cover of Rs five lakh per annum. Also, it is encouraging to see massive investment in infrastructure projects and boost to MSME sector will create jobs and improve growth rate. With regard to raising of custom duties in several items, it will help Make in India more attractive.”
