Trade and industry bodies have appreciated development-oriented measures adopted in the Union Budget. Lack of proper attention to Kerala has been lamented by certain industry leaders.
Shyam Srinivasan, Chairman, CII Kerala State Council, and Managing Director, Federal Bank Limited, said that it remained to be seen how Kerala would benefit from the budget proposals. Nevertheless, there are some positive initiatives such as the ones in the tourism sector, self-employment projects, promoting the SME sector, starting of IIT, focussing on skill development, which would benefit Kerala too, he said.
CII Kerala complimented the Finance Minister on presenting a budget with a medium-term vision for the economy which meets industry expectations on growth and employment creation.
C.P. Mammen, president, Cochin Chamber of Commerce and Industry, said the budget sought to revive the economy through growth in the manufacturing sector, lowering inflation, introducing fiscal prudence and creating more jobs. Indian Chamber of Commerce and Industry president Abdul Azeez said the budget looked promising, but Kerala seems to lack solid attention from the ruling dispensation. Overall, the proposals gave hope for the growth of the country’s economy, Kerala Chamber of Commerce and Industry (KCCI) Chairman E.P. George said. C.J. George, Managing Director, Geojit BNP Paribas, said the focus of the budget was clearly to increase the GDP growth rate through higher savings and investments. The concessions by way of increasing PPF savings limit, higher income tax exemptions, and increase in exemption under Section 80 C would improve savings. George Alexander Muthoot, MD, Muthoot Finance, said the budget was a balanced one and provided the stimulus to kick start the economy.
