MCCIA welcomes Budget -2019
Press Release
Friday, July 05, 2019 | 06:03 PM
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Pune : ‘It would be incomplete and unfair if we, as Corporate Citizens, do not acknowledge the amazing achievements and plans of the Government in improving “Ease of Living ” across various sections of Society and Geography. The journey towards Electricity, Gas, Water connection, Toilets and Roads  to  home for every citizen is laudable . The Budget factors it all. The focus on creating strong Higher Education and Research backbone is also commendable and so are the various initiatives towards Digitisation, Rationalisation, Women Empowerment...... all leading to an inclusive society,’ Said Pradeep Bhargava, Chairman of MCCIA,Pune.

‘Coming to the impact of the Budget and Economic growth, steps like Rs. 70000 Crore for capitalization of PSBs,  providing the support for revival of credible NBFC , greater overseeing by Regulator, target of Rs 105,000 Crore for Divestment/ Privatisation, going to overseas Market for Debt and the plans to invest Rs 100 lac Crores for investment in Infrastructure in next 5 years are very positive measures for  kick-starting the economy and mobilising the resources for the same. MSMEs functioning is being made easier and 99.3% of Corporate India (with turnover less than 400 Cr.) will have the base Income Tax rate of only 25% Budget envisages creating mega projects for local manufacturer of critical raw materials like Semiconductors , Lithium, Solar cells would improve our CAD j as well as give energy security,’ He added.

He further Said, ‘Tweaking of the personal Income Tax is progressive (richer paying more) and even cess on diesel and petrol  is modest.  Post GST regime, Union Government does not have many avenues for mobilising more resources; diesel and petrol being a few exceptions. Yes, a progressive budget in line with the promises given to Citizens and the boost for Industry. Keeping Fiscal Deficit to 3.3% is remarkable.’

Director General of MCCIA, Prashant Girbane Said,‘We welcome this budget that has pegged the growth at 7% and the fiscal deficit on the glide path at 3.3%. There seems the much needed emphasis on savings and investments in this budget. It is great to see continued support to MSMEs via 59 min loan facility and 2% interest subvention. We hope that new payment platform for bill filling will improve on delayed payments and hence working capital of MSMEs. There is also focus on artisans, women entrepreneurs and Startups. Startups would be encouraged as angel tax regulations are eased. Industry would be glad to see the stated intent towards labour reforms. We also hope that recapitalization of PSUs will enhance monetary transmission and expand the credit flow leading to further investments and jobs,’ He mentioned.

‘It is good to see allocations made for labour intensive sectors like manufacturing, Tourism and construction which will support job creation drive.The budget allocations and policy intents would need follow ups through complimentary policy formulations and executions to enable the industry to grow from current sub 7% to desired 10% thereby delivering overall  8%+ growth over next few years to achieve $5tn by 2025 and to continue our march from a developing to developed nation,’ He added further.
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