Bengal's industrial circles finds Union Budget encouraging overall
The industry fraternity in West Bengal has found the Union Budget 2023-24 quite progressive and overall encouraging for all the sections of the society.
According to the Merchants' Chamber of Commerce & Industry President Namit Bajoria, besides giving a lot of stress on the agriculture sector and rural economy, the budget proposals have given emphasis on the MSME and infrastructure sector which will have a multiplier effect on the economy, including job creation.
"Startups have been brought under agri-acceleration scheme and Rs 2,200 crore outlay has been made for this scheme, which is an extremely welcome move. It is heartening to see that the agricultural credit target has been kept at Rs 2.4 lakh crore and Rs 6,000 crore has been allocated for fishermen's development," he said.
Welcoming the reduction in customs duty on imports of various inputs of industrial use and further lowering the income tax slabs, Bajoria expressed apprehension over the real difference between the new and old income tax regime.
Federation of Indian Export Organisations's (FIEO) Eastern Regional Chairman Yogesh Gupta said that while the increased capital investment outlay by 33.4 per cent will be a major boost for the economy and will also increase employment, the decision to revamp the credit guarantee scheme by infusing Rs 9,000 crore and reduction of one per cent interest for MSME is a welcome move.
"Reduction of import duty on inputs will also make exports of finished goods more competitive. Reducing import duty on shrimp feed will give a huge boost to the eastern region marine product exporters," he added.
Jupiter Wagons Group Managing Director Vivek Lohia said that the budget proposals highlight the importance of investments in high-quality infrastructure for accelerating economic growth and sustaining it in the long run. "I believe that with a capital outlay of Rs 2.40 lakh crore for the railway, there will be a dynamic change in strengthening the infrastructure of the entire railway system," he added.
Shyam Metalics Vice President and Managing Director Brij Bhushan Agarwal said that the metals industry will benefit from the government's plan to increase investment in urban, transportation, and infrastructure development.
"These initiatives are almost certain to benefit the country and our sector putting the Indian economy on a higher trajectory of growth," he added.
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