The Union budget has enough indicators that it is a good time for companies to go for expansion and create more employment, said Confederation of Indian Industry (Madurai zone) former chairman Nagaraj Krishnan here on Thursday.
In a statement, he said that the budget presented by Finance Minister Nirmala Sitharaman showed that the country was evolving as a robust and strong global economy. That the per capita income had increased to ₹1.97 lakh and the economy had increased in size from being 10th to fifth largest global economy over the last nine years was welcome.
The budget had given a big boost to medical research and healthcare. This can help overall reach and affordability and over a period, access of quality healthcare would be assured to a majority of the population. Increase in agri-credit would lead to inclusive growth.
Capital infusion in Railways to the tune of ₹2.4 lakh crore would mean more users and connectivity across the nooks and corners of the country. Both passenger and freight earnings would go up. Likewise, 50 additional airports would help last mile connectivity and open new employment avenues.
“PAN card becoming common identifier in all government agencies will help in simplification of access for individuals and aggregation of data for the government”Nagaraj Krishnanformer chairman of Madurai region CII
Continued thrust on ease of doing business and reduction in compliance of labour codes, among others, would give a fillip to small and medium scale enterprises. The announcement that PAN card would be the common identifier in all the government agencies would help in simplification of access for individual and aggregation of data for the government.
Replacement of old polluting vehicles would provide impetus to automobile industry and give a thrust to vehicle scrap industry. Relief in customs duty on mobile parts, TV and lithium batteries, etc., would lead to migration of investments from China to India, Mr Nagaraj Krishnan said.
