Startups

Budget boosts startups, automobiles, textile sector

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After the presentation of the Union Budget in the Parliament on Monday, Economic experts and intellectuals in Gurugram said that it is a very balanced and development oriented budget.

They said that this budget will strengthen the economy of the country which has been derailed due to the Covid-19 epidemic.

It will also give a boost to small industries and start-ups, along with the automobile and textile sectors.

The experts said that the most important thing is that through this budget, the government has made a concerted effort to take the country on the path of progress, while not trying to please any particular region or class.

On the other hand, the people associated with the industry said that the budget as a whole is quite impressive.

“This budget is a balanced budget. It is promoting small industries, startups, automobile and textile sectors. Through this budget, the Central Government may not have made any concrete provision for industries directly, but indirectly this budget will encourage industrial expansion, development and investment much easier. Government should reduce the rate of GST,” said J N Mangla, President Gurugram Industrial Association.

Meanwhile, people associated with the corporate sector said that this budget is better. In the era of the Corona epidemic, there cannot be a better budget than this. This is a time when the government is also short of funds. Reducing corporate tax is a good decision.

“The kind of attention given to the health sector in the budget is commendable and futurstic. The lesson from the Covid-19 epidemic is that our health services should be better. The government took this message and increased the health sector by 137 percent, which is a record in the country’s budgetary history. Soon the government is also going to establish revenue portal for Corona vaccine as the vaccine is being exported to other countries which will help to increase economy of our country,” said Dr. Swati Maheswari, a health expert.

Meanwhile, FDI in insurance sector has been increased from 49 percent to 74 percent. This will increase employment prospects. Special attention has also been paid to education sector and creation of employment for youth and their skill development.

“This is a commendable budget; this will speed up the pace of development in the country. The provisions made in this regard for infrastructure development are welcome. Through this budget, the weakness of the health sector will be removed and the dream of a healthy India will be realized. This budget will also reduce the pendency on China. Arrangements have been made in this budget to make the agriculture sector also dynamic. The steps taken to promote quality of life will benefit,” she said.

Amandeep Negi, Economic expert Covid-19 brought in crisis this budget will prove to be balanced as well as boosting growth. There is one thing that is not good for the textile industry. That is to increase the import duty on cotton fibre by five percent. This will increase the cost of production. The government should consider it again.

“There is a lot in the budget for health, education, agriculture, industry, transport and infrastructural development. The scope of income tax exemption was expected to increase but nothing happened. Anyway, the government is short of funds at this time,” Anil Lamba, a financial affairs expert said.

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