The union budget which was announced for the year 2014-2015 on Thursday has drawn bouquets and brickbats from residents here.
“While the Income tax exemption limit has been increased to Rs.3 lakh for senior citizens, an additional increase by Rs.50,000 to Rs. 3.5 lakh would have been welcome,” said V. Rajagopal, a businessman. While Rs. 150 crore had been allocated for the safety of women in big cities, tier II cities such as Madurai needed special focus as well, said Latha Moorthy, a homemaker. T. Ravee, an auditor, said there was a huge expectations that income tax exemption limit would be raised to Rs. 3 lakh. Speaking at a budget discussion hosted by Dhan Foundation, C. Muthuraja, Associate Professor of Economics, The American College, termed the budget as an environmentally friendly one with emphasis on promotion of solar energy and cleaning of water bodies.
The decision to introduce five more IITs and IIMs would open the doors for many looking to seek quality education in their own States, opined many students.
Pat from trade bodies
The Agrofood (India) Chamber of Commerce and Industry praised the “inclusive budget with special focus on agriculture sector.” In a statement, its president S. Rethinavelu said ensuring sustainable growth in agriculture would help the economy recapture its growth momentum.
Customs duty exemption for manufacturers of soap and oleo chemical industries for raw materials such as fatty acids, crude palm stearin and industrial grade crude oils should be extended to bio diesel manufacturers as well, he said.
The Tamil Nadu Chamber of Commerce and Industry lauded the commitment to review the definition of MSME to provide for higher capital ceiling which was long overdue, its president N. Jegatheesan said. Tamil Nadu Foodgrains Merchants Association Limited president S.P. Jeyapragasam has welcomed the allocation of Rs. 7,600 crore for establishing 100 modern cities. The Madurai District Tiny and Small Scale Industries Association (MADITSSIA) has voiced its support for the budget stating that it would promote the functioning of the MSMEs in the State. “The slew of budget allocations introduced to promote young entrepreneurs will lead to better opportunities,” said its president V.S. Manimaran.
Tamil Nadu Janata Dal (S) leader K. John Moses said the budget had let down the poor. Mr. Moses said the government had failed to address unemployment and spelt no measures to reduce inflation.