The industry in Karnataka has hailed the Union Budget and said it will provide a boost to macro economics. The Bangalore Chamber of Industry and Commerce (BCIC) said the “balanced and a direction-setting budget” will boost macro economics in the country, with specific emphasis on the development of core sectors for the next four years.
Thyagu Valliappa, vice-president, BCIC, said, “It is an efficiency and transparency-driven budget with the aim to improve and spur economy under the prevalent difficult financial space.”
Union Finance Minister Arun Jaitley announced the setting up of Mudra Bank and allocating Rs. 20,000 crore for it to enhance credit for SMEs.
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‘Partly populist’
Federation of Karnataka Chambers of Commerce and Industry president S. Sampathraman said, “Within the available circumstances, the Finance Minister has done whatever he could as he has tried to solve the inherited problems with regard to investments, subsidies, wealth tax etc. The budget is partly populist and partly investment oriented.”
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Special Correspondent from Bidar writes:
The Bidar Chamber of Commerce and Industry has welcomed the Union Budget calling it “encouraging to industry and concerned about other sections of society”.
“It contains several incentives for the industry and provides a boost to infrastructure development. However, it fails in not increasing the income tax slabs for the employed and not proposing radical tax reform,” B.G. Shetkar, president, BCCI, said in a release.