Business bodies happy about budget

No bid to appease the public with bundles of promises: MCC

July 11, 2014 11:38 am | Updated 12:57 pm IST - Kozhikode:

Businessmen and trade organisations in the district, on Thursday, expressed cheer over the Union Budget, which “fulfilled the general expectations of both the urban and rural communities in India.” When most of the merchant forums were all praise for the budget proposals, a few criticised them for giving “poor consideration” to their concerns.

Leaders of the Malabar Chamber of Commerce (MCC) said the budget did not try to appease the public with bundles of promises, but announced projects that could be achieved in a phased manner. They said the MCC would conduct detailed analyses of the budget in Kozhikode on July 12.

After reviewing the budget proposals, the Calicut Chamber of Commerce and Industry observed that the maiden budget of the Union government proved beneficial for the tax-payer community with a reasonable raise in the tax exemption ceiling.

Leaders of the Kerala Chamber of Commerce and Industry-North Zone (KCCI) said the budget addressed a long-cherished dream of the country to have fast growth in electricity generation. Proposals on autonomy in the banking sector and long-term credits for farmers made the budget satisfactory for all segments, they observed.

Meanwhile, All Kerala Consumer Goods Distributors’ Association said they were expecting a positive decision on the part of the Union government for implementing the Goods and Service Tax (GST). It would have given new hope for traders who closed down their shops, failing to meet the technicalities of Value Added Tax (VAT), they said.

The Kerala Vyapari Vyavasayi Ekopana Samiti (KVVES), claimed to be the biggest union of merchants in the State, however, denied treating the budget as a popular one. KVVES State leaders said the government totally kept silent on its earlier promises — including a justifiable revision of income tax exemption ceiling and measures to arrest price rise — and came out with a disappointing budget.

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