Union budget good, balanced: CII Pune verdict
Sachit Nayak, convenor, CII Pune Finance and Taxation panel, said the government’s focus on jobs, investment and digital economy was the right way to goUpdated: Jul 06, 2019, 17:28 IST
Reacting to the Union budget presented by finance minister Nirmala Sitharaman on Friday, members of the Confederation of Indian Industries (CII) said implementation of the policies and initiatives announced would be key to the success of the plans chalked out.
Shrikant Bapat, chairman, CII Pune Zone and managing director, Johnson Controls (India) Private limited said, “Proposals such as big ticket investment in infrastructure, use of waterways for goods and people movement, greater ease of business for micro, small and medium enterprises (MSMEs) women-centric development structure to women-led development structure are all indicative of the government’s intent to trigger employment generation.” Infusion of Rs. 70,000 crore in public sector banks (PSU) banks will give impetus to credit and lead to increased corporate investments, he said.
Sachit Nayak, convenor, CII Pune Finance and Taxation panel said the government’s focus on jobs, investment and digital economy was the right way to go. The focus on Make in India sectors such as automobiles and electronics and the encouragement offered to start-up businesses and MSMEs was appreciated. “The government’s plan to create a technology roadmap for artificial intelligence, Internet of Things and Robotics will go a long way in the growth of services sector,” Nayak said.
Jayprakash Nair, co-convener, CII Pune Taxation and Finance Panel said the benefits which will flow to people under various schemes will mean more money in the hands of consumers and will push demand up. Labour reforms which the finance minister indicated will help the manufacturing sector, he said.
“Budget is with a clear goal of long term growth. Industry and common man waited for favourable announcements with bated breath, as this was the first budget of the new Government. However, there were no big bang announcements in the Union Budget 2019,” Waman Parkhi, partner, Indirect Tax, KPMG in India.
He said while the Finance Minister introduced a slew of measures with the goal to stimulate growth, support the strained financial sector, encourage start-ups and promote digital economy, no specific measures to boost exports were announced in the speech.
“With the introduction of interchangeability of PAN with Aadhar, proposal for pre-populated income tax returns, faceless e-assessments, the budget paved way for simplified tax administration and bringing in greater transparency in the system,” he added.