Bengal Inc lauds Union Budget

Last Updated: Sat, Jul 06, 2019 16:24 hrs
Nirmala Sitharaman (IANS Photo)

Kolkata: West Bengal's leading industrialists and business chambers on Friday lauded the Union Budget as "balanced" and "growth focussed" that lays the roadmap of a 'new India'.

They also praised the Budget document presented in the Lok Sabha by Finance Minister Nirmala Sitharaman for its emphasis on rural economic development and infrastructure, including housing, that would augur well for banks and housing finance companies.

On the flip side, Bengal Inc expressed its reservation on imposition of TDS of two per cent on cash withdrawal exceeding Rs one crore in a year as also the proposal to raise minimum public shareholding of listed companies from 25 per cent to 35 per cent.

Bharat Chamber of Commerce president Sitaram Sharma said the Budget has a "positive approach" and its stress on rural economic development in terms of roads, affordable housing would boost the infrastructure sector and its contributing industries.

"Imposition of TDS of two per cent on cash withdrawal exceeding Rs one crore in a year from a bank account would be real tax on the companies where the market is still dominated by the cash transaction and digital transaction is an additional cost," Sharma said.

Bengal National Chamber of commerce ad Industry president Satyam Roy Chowdhury praised Sitharaman for presenting a "Welfare oriented budget" that has "righly recognised the imperatives of agriculture and fishery".

RP Sanjiv Goenka group's Chairman Sanjiv Goenka praised the Budget for laying" the "roadmap for a new India, for a modern India based on inclusiveness and development".

He said the union finance minister's proposal for reformation of tenancy and labour laws, would help "ease of living and ease of doing business in India".

FMCG major Emami Group Director Aditya Agarwal said it was a "balanced budget" where infrastructure, education and rural economy are the major beneficiaries.

He said the Budget would benefit the cement industry and "the writing on the wall is that super rich and those in the highest tax brackets should not expect any sops.

Sachchidanand Rai, Chairman, Eden Realty Group said the budget is based on the philosophy ofAreform, perform and transform.

"Special sops to buyers of affordable housing units of up to Rs 45 lakh will give a boost to the housing sector in the short term."

Bandhan Bank MD and CEO Chandra Shekhar Ghosh said: "The Finance Minister's maiden Union Budget is growth-focussed and builds on the foundation that the government created in the last term."

" The sops announced in the affordable housing segment is a welcome move not just for home seekers but also for builders, banks and HFCs."