‘Budget will have long term effect’
Reaction from MCCIA Experts
Press Release
Saturday, February 02, 2019 | 04:18 PM
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Budget Session in MCCIA

Pune :  ‘The budget comes out as a very impressive balance sheet and it will have a long-term impact. It has a very strong social agenda and has focused on infrastructure development be it highways, railways, waterways, airways which is very important.  Industry and Industry Associations should look at the budget in a broader and a long term perspective. Benefits percolating to certain sections of the community like rural farmers and urban poor are the responsibility of the state and also the stakeholders like the industry. The contrast if not controlled will boomerang on the industry itself and it is important for the industries sustainability as well.’ Said, Mr. Pradeep Bhargava, President of MCCIA .

‘The money flowing to the deprived section of the society comes back into the economy by increasing their buying power. They will start consuming products and services that the industry provides, which will ultimately benefit the industry. Needless to say that the farmer will use the subsidy for consumption purpose which will indirectly boost the economy and improve rural buying. On the issue of growth of jobs, There can’t be GDP growing without the labour content growing. GDP growth indicates jobs in different segments being created. Hence we need to wait for the right arithmetic before we debate about growth in jobs.’ He added.

Mr. Prashant Girbane, Director General, MCCIA, Said, ‘This looks like a fairly balanced budget for two reasons. Firstly it addressed many constituencies especially farmers and individual tax payers and at the same time managed to Keep the fiscal deficit to a more acceptable level at 3.4%. This budget highlighted the policy of Direct Cash Transfers (DCT) to farmers. Part of Rs.6000 per year reaching out to 12 crore farmers is expected to be disbursed in next few weeks. It is significant not just for this budget but for the years to come. I hope in future, almost all subsidies are though DCT to the farmers account.’ 

‘While some of these announcements related to MSMEs are new others have been reiteration. Centre’s push to GST council  to allow quarterly return filing for MSMEs  with turnover below 5 Crores. This will benefit 90% of the MSMEs. Besides the budget has introduced  2% interest  subversion  for loans up to Rs.1 crores. At least 25% procurement of the Government departments and  PSUs would be from MSMEs.’ He Mentioned.
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