The government is banking on the organised sector which provides only 10 per cent of jobs and has ignored in the Union budget the unorganised sector which provides employment for the rest, an organisation of traders claimed on Monday.
Traders and retailers who were previously ignored during the announcement of stimulus packages got disappointed as the budget could not give any relief to this sector, Federation of All India Vyapar Mandal said in his reaction to the budget.
"The unorganised sector which provides the maximum employment has been ignored as no relief or concession has been extended to this segment in the budget. It has failed to increase the buying power of consumers. If demand is not raised, all efforts will have no impact on the economy," secretary of the Federation V K Bansal said.
Follow Moneycontrol's Union Budget 2021 live coverage here.
It appears that only the corporate and the agriculture sectors got the benefits of the budget, he said.
Bansal said that the government has focused on the manufacturing sector and declared Rs 1.97 lakh crore production linked incentive for the next 5 years.
"However, tax rates on partnership firms and LLPs were not made on a par with companies as per our demand. We also did not get any benefit in bank interest," he said.
A new provision on input tax credit claim, a good amount money will be blocked in claims if a supplier fails to file his GSTR-01, he said.