Budget 2020 evokes mixed reactions in central region

No mention of inter-linking of rivers, loan waiver: ryots

The Union Budget 2020 has evoked mixed reactions from representatives of industry, aviation and farming sectors.

Secretary of Tiruchi District Tiny and Small Scale Industries' Association S. Gopalakrishnan expressed happiness over the assurance given in Budget 2020 for extending the time limit by a year for MSME units to settle their loans with banks.

Likewise, the encouragement to MSME sector to get into export activities and additional sanction of ₹3,000 crore for developing skills were steps in right direction. However, the absence of any announcement on reducing GST rates for the MSME sector was disappointing, Mr. Gopalakrishnan said.

New airports

The promise made by the Finance Minister to develop 100 new airports by 2024 would give a fillip to the UDAN (Ude Desh Ka Aam Nagrik) scheme for regional connectivity, M.A. Aleem, Advisory Committee Member, Tiruchi International Airport, said.

Likewise, the announcement for doubling the fleet strength of aircrafts to 1,200 by 2024 would also be of immense utility to the general public, Mr. Aleem said.

Secretary of Consumer Protection Council S. Pushpavanam, said the budget attempted to spur growth. Corporate tax pegged at 15% would spur investments and attract FDI. But, the projection of 10% growth in economy without proper action-based plan was amounted to wishful thinking.

‘Inadequate allotment’

Allotments to railways for safety and from reserve fund were inadequate. There would be a requirement of ₹50 lakh crore to complete the sanctioned projects up to 2030, Mr. Pushpavanam said.

Clarity on new tax rates on individual income would emerge only after comparison with the old method of calculation, he added.

While welcoming the announcements on allocation of ₹15 lakh crore for farm loans, and credit card with ₹1 lakh withdrawal limit, and specific loan schemes for women agriculturists, Puliyur Nagarajan, president of the Tiruchi district farmers unit of Tamil Maanila Congress, expressed disappointment over the silence of the Centre on waiver of farm loans, and inter-linking of rivers in Tamil Nadu.

State president of Thamizhaga Cauvery Vivasayigal Sangam P.R. Pandian said the Union Budget had disappointed the ryots who were expecting loan waiver announcement in view of the crop loss they had suffered from 2012 to 2019. Absence of any announcement relating to linking of rivers had also disappointed the ryots.

While welcoming the proposal to involve women self-help groups in the proposed village storage scheme, National Organiser, Self Sufficient Green Villages Movement, Arupathy P. Kalyanam opined that the current Bbdget was nothing but an extension of last year’s budget.

V. Jeevakumar, district vice-president, Agriculture Labour Union, Thanjavur District, said though some new initiatives such as ‘kisan rail’ had been announced, silence over the minimum support price and poor implementation of ‘kisan samman’ scheme announced in the last budget had disappointed the farmers.

Terming the budget as an exercise lacked in creation of job opportunities, R. Palanivelu. Professor, Department of Economics, AVVM Pushpam College, Poondi, welcomed the increase in insurance cover for bank customers.

The reduction in income tax slab rates had not fulfilled the expectations of the salaried class and middle income group, according to Mr. Palanivelu.

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Printable version | Feb 19, 2020 5:53:08 AM | https://www.thehindu.com/news/cities/Tiruchirapalli/budget-2020-evokes-mixed-reactions-in-central-region/article30716992.ece

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