Mail News Service
Jamshedpur , July 6 : ASIA lauded the budget. President Inder Agarwal said rise in import duty will boost local auto parts manufacturers. He also hailed raising limit of corporate tax to Rs 400 cr with same 25 per cent as it was for Rs 2500 cr turnover
If the interim budget was governments’s election budget, this can be called as it’s governance budget. The urdu couplet quoted by the FM at the start was an indicator to this.
On expected lines the small businesses have been given relief by way of easier GST compliance. Easier excess to bank loan will provide soft loan to MSME.
Bharat Wasani said that a huge thrust has been given to housing and infrastructure. Huge infusion is expected in rail infrastructure too. Rural housing continues to grow. All these will enhance rural spending by way of government investment. Investment on inland water transportation is a big step to decongest rail and road transport.
On Jharkhand specific A Ganga Terminal at Sahebganj will help the economic activity in Santhal Pargana.
Legacy Dispute Resolution Scheme too is a welcome step. This will help resolve and unload the baggage of Excise era for numerous industrial units and Service Providers of Jamshedpur.
On the Negative Side has been the Cess on Petrol & Diesel. Government’s assessment that fuel prices are weak is flawed. 2% enhancement of Custom Duty on Gold is a Dampener too. My fears are that this could incentivise smuggling.
