MANGALURU: It was a mixed reaction in the coast for finance minister Nirmala Sitharaman’s Union Budget which one the one hand left middle class smarting from a bouquet of cess,’ while on the other hand, people opined that given the constraints of a recession combined with the worst pandemic the FM could have done little to present a bold budget to accelerate growth and revive consumer demand.
Dr B Srinivas Kakkilaya, physician, while appreciating the allocation to healthcare sector said although it is termed as the biggest ever allocation for healthcare at Rs 224000 crore, the budget document reveals an allocation of only Rs 71269 crore compared to Rs 65012 crore spent last fiscal, with the rest meant for water and sanitation! ``With 70% Indians already infected, the additional Rs 35000 crore for Covid vaccine may not be spent. Announcement of Rs 64,180 crore for PM AtmaNirbhar Swasth Bharat Yojana for six years, hence for now, it's only an announcement,’’ he surmised.
Chartered Accountant Nitin J Shetty said the budget 2021 proposes to reduce compliance burden on senior citizens who are of 75 years or above. Though they are exempt from filing IT returns, such individuals will have to continue to pay income tax at their respective tax slabs. The paying bank will deduct the necessary tax after obtaining a declaration from the senior citizen, he added. He also welcomed the Government's initiative of easing compliance for the taxpayer, but others were skeptical of this feature working at the ground level due to several constraints.
B.A.Nazeer, President, Canara Plastic Manufacturers & Traders Association (CPMTA) said the proposal to revise the definition under the Companies Act, 2013 for Small Companies by increasing their thresholds for Paid up capital from to Rs 2 Crore and turnover to Rs 20 crore will benefit small companies in easing their compliance as stated by the Minister. ``Announcement of Mega Textile Park will boost employment and some assistance to power sector in terms of Prepaid Metering and option to consumers choose from among more than one Distribution Company which is a step in the right direction,’’ he said adding increase of Audit limit to Rs.10 crore is a welcome measure but it should be applicable to all eligible MSMEs without any cash transaction conditions. He also said that there should have been Schemes for Increasing Employment as many jobs have been affected by Economic Slowdown and Industries are still unable to create employment.
Isaac Vas, President, Kanara Chamber of Commerce and Industry, said the budget had nothing exciting or bold or abnormal measures announced. He said there was no mention as to how the Rs 13,000 crore Atma Nirbhar packages help in containing the adverse impact on economy by pandemic, but lauded regarding no surprises in direct taxes.
Dr. A. Senthil Vel, Professor and Dean (Fisheries), Karnataka Veterinary, Animal and Fisheries Sciences University, College of Fisheries, Mangaluru said it would have been extremely good if fisheries sector would have been given some more benefit in terms of addressing the welfare of the fishing community, their pension, alternative livelihood, over and above that has been outlined sectors under the Pradhan Mantri Matsya Sampadha Yojana. He expressed hope that in the coming days Karnataka will also emerge as a major state for fishing and fisheries-related developments such as ports, harbors, integrated fish processing units especially in the stretches of Malpe, Karwar or Hejamadi, adding some of these stretches have huge potential for seaweed culture, oyster culture including promoting coastal tourism.