Union budget gets thumbs up from experts in Chandigarh

Besides giving impetus to skill development, the budget will be beneficial for MSMEs, agriculture and tourism sectors besides promoting green growth

The budget has given a strong impetus to skill development by setting up 157 new colleges, along with a new programme to promote research and innovation in the pharmaceutical sector. The budget also brings focus to AI-led skill development by announcing three centres for artificial intelligence.

Overall, the Union government has presented a forward-looking, progressive budget, say experts. The rationalised income tax slabs and other rebates will generate higher disposable income for tax-payers, they say. (Sameer Sehgal/HT)

Rajiv Kalia, chairperson, CII Chandigarh

‘Will benefit MSMEs’

This is a fantastic budget and the way it was presented with the Union finance minister listing seven priorities shows how much clarity the government has on what they are doing. The budget will be especially beneficial to the micro, small and medium enterprises (MSME) as well as the agriculture and tourism sectors.

Suvrat Khanna, Chandigarh chapter co-chair, PHD Chamber of Commerce and Industry

‘Will discourage savings’

The government has tried to give a more populist touch to this year’s budget. The credit guarantee fund made for MSMEs is a great initiative, but the new tax regime will discourage people from saving money. While the government speaks of reducing the number of compliances for industry, the practice needs to translate on the ground.

Naveen Manglani, advisory board member and former president, Chamber of Chandigarh Industries

‘Will generate higher disposable income’

Overall, the Union government has presented a forward-looking, progressive budget. The rationalised income tax slabs and other rebates will generate higher disposable income for tax-payers. In the absence of any commitment regarding minimum guaranteed return on the new pension scheme (NPS), the post-retirement savings and returns may remain a matter of concern for employees. The proposed massive capital outlay will help in generating more employment and will give much-needed stimulus to the economy. The proposed setting up of schools and the filling up of vacancies of teachers will uplift education, particularly in backward areas.

Vikram Nayyar, finance and development officer, Panjab University, Chandigarh

‘Women’s empowerment a priority’

The overall budget is good and has been designed to accommodate various schemes aimed at benefiting masses. The government has outlined women empowerment, tourism and green growth as top priorities. The budget seeks to expand access to credit facilities for the agriculture sector. It has provided a big relief in direct taxation to the middle class.

Hitesh Puri, chairperson, CRAWFED

‘Purchasing power will improve’

Traders are happy with the budget. Increase in tax limits provides more purchasing power to the middle class, which they will bring into the markets. MSMEs with small turnovers will also benefit and this will both directly and indirectly impact traders who can purchase their goods.

Diwakar Sahoonja, president, Sector-11 market welfare association