'Piyush Goyal proposals to boost economy'
TNN | Feb 2, 2019, 10:42 ISTBHUBANESWAR: While the interim Union Budget-2019 has brought cheers to the middle class, MSME and farming sectors, industry bodies hailed the interim budget.
The Utkal Chamber of Commerce and Industries (UCCI) described it as a populist budget that will help the economy grow. "The MSME sector has got many benefits in the budget. The GST-registered small and medium units will get 2% interest rebate on incremental loan of Rs 1 crore. Besides, the reduction in corporate tax from 30% to 25% is also appreciable," Ramesh Mohapatra, president of UCCI, said. s
He added that the reduction in tax exemption will increase investment and consumption, thereby strengthening the economy. In the budget, acting finance minister Piyush Goyal said 25% sourcing by all government undertakings will now have to be from SMEs. Of this, the material to the extent of at least 3% will be sourced from women-owned SMEs.
"The overall budget is good and balanced. It has covered all major sectors. Steps like 3% tax benefit on women-owned MSMEs and providing 26 weeks of maternity leave will support women entrepreneurs in a big way," Swasti Mishra, a woman entrepreneur, said. s
Reacting to the Union budget, chairman of Confederation of Indian Industries (CII), Odisha chapter, T K Chand said, "Support to middle class, farmers and MSMEs will stimulate the economy and the announcement of Rs 3,000 per month for the unorganised sector workers is laudable".
The Utkal Chamber of Commerce and Industries (UCCI) described it as a populist budget that will help the economy grow. "The MSME sector has got many benefits in the budget. The GST-registered small and medium units will get 2% interest rebate on incremental loan of Rs 1 crore. Besides, the reduction in corporate tax from 30% to 25% is also appreciable," Ramesh Mohapatra, president of UCCI, said. s
He added that the reduction in tax exemption will increase investment and consumption, thereby strengthening the economy. In the budget, acting finance minister Piyush Goyal said 25% sourcing by all government undertakings will now have to be from SMEs. Of this, the material to the extent of at least 3% will be sourced from women-owned SMEs.
"The overall budget is good and balanced. It has covered all major sectors. Steps like 3% tax benefit on women-owned MSMEs and providing 26 weeks of maternity leave will support women entrepreneurs in a big way," Swasti Mishra, a woman entrepreneur, said. s
Reacting to the Union budget, chairman of Confederation of Indian Industries (CII), Odisha chapter, T K Chand said, "Support to middle class, farmers and MSMEs will stimulate the economy and the announcement of Rs 3,000 per month for the unorganised sector workers is laudable".
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