Merchants’ Chamber of Commerce & Industry
The Union Budget 2019-20 is a well-balanced one and it will provide a boost to industries, to the social sector and to the rural economy. Annual turnover limit for 25% corporate tax has been raised to `400 crore from ` 250 crore and this would cover 99.3% of the companies operating in the country and boost industrial activity and growth. Proposal to provide ` 70,000 crore capital for PSU banks will help in the rejuvenation of the banking sector and can reduce NPAs. Interchangeability of PAN and Aadhaar for income tax returns for those who do not have PAN cards will enhance ease of living.
Bharat Chamber of Commerce
The Budget does not directly provide any comprehensive strategy to boost the fundamental determinants of national income that is consumption, investment and savings. The proposed administrative reforms in Angel Tax and tax administration for start-ups are welcome features. Proposal for PPP in railway tracks and rolling stocks is timely. One would have expected some more concrete proposals for the development of the healthcare sector under Ayushman Bharat in terms of infrastructure development, skill development in medical and paramedical personnel. Emphasis on electric vehicles is welcome but there appears to be no other new measure to encourage industrial investments to provide for the much needed employment generation. The stress on artificial intelligence and robotics will lead to modernisation but is not expected to create employment.
Confederation of Indian Industries
Some benefits have been given to the large number of industries and to the people. A very good introduction has been given on the pension for the unorganised sector. Support for the people who are in low income segments and for retail shop-keepers is appreciable. The government has decided to invest in infrastructure development and create employment.
Bengal Chamber of Commerce & Industries
BCC&I views the Union Budget 2019-20 as an exercise in pragmatism towards a five trillion dollar economy by 2024 with a ten point vision for the decade by simplifying procedures, incentivising performances, reducing red tape and making best use of technology through acceleration of mega programmes and services. It takes necessary steps which include opening up sectors like media, aviation and insurance. It also focuses on zero-based budgeting in the agriculture sector along with 25% reduction in corporate tax rate for companies with annual turnover up to ` 400 crore. Emphasis has been given to MSMEs and on fostering entrepreneurship. Setting up of a ‘Social Stock Exchange’ is also a unique thought.
Calcutta Chamber of Commerce
Thrust has been given to infrastructural sectors ‒ initiatives to improve road, suburban railways and Metro connectivity, create a robust water management system, work on the ease of living index, invest `100 lakh crores in infrastructure over the next five years. The allocation of ` 400 crore to create a world-class higher education ecosystem in the country will definitely improve the quality of our workforce. New payment platform for MSMEs is to be created with a plan to extend pension benefit to retail traders with annual turnover of less than ` 1.5 crore. This is an encouraging move. Moreover, under the Mudra Scheme, women will get a loan benefit of ` 1 lakh for their entrepreneurial aspirations.
Bengal National Chamber of Commerce and Industry
The allocations made for the different sectors and the enhancement of plan expenditure vis a vis non-plan expenditure are welcome and will have a positive impact. Threshold limit of corporate tax of 25% from ` 250 crore to ` 400 crore, quarterly returns of GST for taxpayers having annual turnover less than ` 5 crore and introduction of fully automated GST refund module and electronic invoice system with gradual elimination of e-way bill are laudable steps.
Indian Chamber of Commerce
The proposal of infusion of ` 70,000 crore to PSBs will help banking industry as that can be used as growth capital by PSBs. The proposal pertaining to high disinvestment is also welcome. The Budget will help to increase employment opportunities as more money has been allocated to industries, to the rural sector and to agriculture. The high collection of indirect tax is also good news for us. The Budget has addressed, for the first time, ease of living index. This is really interesting.