Trade, industry bodies hail budget as balanced, progressive

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New Delhi, Feb. 29 (ANI): President of the Associated Chambers of Commerce and Industry of India (ASSOCHAM) Sunil Kanoria on Monday said huge focus on rural economy with a commitment to double the farmers’ income by 2022, betting quite high on rail and road infrastructure and yet sticking to the financial discipline by retaining the fiscal deficit targets for 2016-17 are the most important takeaways from the Union Budget.

“The government has rightly realised that a sustainable and equitable growth model cannot be built as long as the rural economy is in distress,” said Kanoria.

“All in all, Jaitley’s budget is a balanced budget covering all nine pillars as stated by him,” he added.

The Confederation of All India Traders (CAIT) on Monday said the Union Budget will increase cash flow in the Country and will also strengthen the economy.

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The removal of 13 types of cess, tax rebates to small taxpayers, incentives to small entrepreneurs and encouragement to declare tax evasion money would increase cash flow in market, said the CAIT said in a statement issued here.

“It is creditable that focus of the Budget has been shifted from corporate to non corporate and farm sectors, but FDI in food processing will enable multinational corporations (MNCs) to control and dominate food sector and neither farmer will be benefitted nor the food industry,” it said.

The Confederation of Indian Industry (CII) on Monday hailed Finance Minister Arun Jaitley’s budget for 2016-17 as a “well-balanced and progressive”.

Briefing the media here, CII president Sumit Mazumdar said a lot of announcements were made in rural economy and infrastructure sectors.

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He said there were some concerns on bad loans, and the Finance Minister has provided some relief in the area.

Mazumdar said required emphasis of rural sectors is present in the budget, adding that some taxes have gone up, which is fair and acceptable.

The Federation of Indian Chamber of Commerce and Industries (FICCI), too, welcomed the budget, saying that it is a balanced, progressive and focused.

FICCI president Harshvardhan Neotia said the announcement on agriculture and rural development and infrastructure would give further boost the economy and generate employment.(ANI)

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