Disappointing for industry, but praise for some ideas

March 01, 2015 12:00 am | Updated 05:47 am IST - MANGALURU:

Kanara Chamber of Commerce and Industry (KCCI) president Nigam B. Vasani on Saturday praised the Union Budget but maintained that it was disappointing for the industry.

He lauded the reduction of corporate tax with reduction in exemptions and the firm statement on the implementation of the Goods and Services Tax from April 1.

Mr. Vasami and the president of the Canara Plastic Manufacturers Association B.A. Nazeer said that it was disappointing for the industry, especially for micro, small and medium enterprises.

Mr. Nazeer said that the demand for a reduction of excise duties and increasing the excise exemption limit, due to a rise in the cost of goods and services, had not been considered.

“We think that the burden on the micro, small and medium enterprises sector could have been eased significantly,” he said.

He added that this would reverse the growth of the sector which is suffering from an economic slowdown.

He, however, welcomed the announcement of reduction in income tax rates.

The proposal to give an option for employees regarding PF and ESI is a step in the right direction, he said. The implementation of GST was once again postponed which would have an impact on economy.

Nalin Kumar Kateel, MP, said that by taking care of concerns of many, including farmers, women, the youth and the salaried class, Mr. Jaitley had presented a budget that fostered a bright future for the country.

Mr. Kateel said that the government had shown concern for women by increasing funds under the Sukanya Samriddhi and the Nirbhaya schemes.

The farmers’ concerns have been addressed by providing electricity, building markets and increasing investment in agriculture sector.

The salaried class have been provided with a higher tax rebate, while laying emphasis on funding projects for improving basic facilities.

The government has also increased the amount in the field of education, Mr. Kateel said.

Burden on the micro, small and medium enterprises sector could have been eased significantly

B.A. NAZEER

President, Canara Plastic

Manufacturers Association

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.