A growth oriented and well outlined budget was the reaction of GCCI President Mr Shrinvas Dempo. This sets a road map for the next five years as well as defines the vision towards Viksit Bharat 2047. The Govt has demonstrated fiscal prudence while prioritizing employment linked incentives, Skilling, MSMEs & the Middle Class in its budget announcement.
On the tax proposals, efforts to improve Ease of Doing Business & reducing litigation are evident through measures such as simplifying the income tax Act 1961 as well as rationalizing Direct & Indirect Taxes. Abolishment of Angel Tax will boost entrepreneurial spirit and support innovation.Goa will surely benefit from the Skilling initiatives, Employee linked incentive schemes, Ease of doing business initiatives .Overall the budget aims to set the path for India’s future growth & development
GCCI Immediate Past President, Mr. Ralph Desouza welcomed the Union Budget, which he said is in continuation of the Govt. Policies for fostering a thriving business environment. There are nine important sectors where stress
has been led they are Productivity & Resilience in Agriculture, Employment & Skilling, Inclusive Human Resource Development & Social Justice, Manufacturing & Services , Urban Development, Energy Security, Infrastructure, Innovation, Research & Development and Next Generation Reforms. India is one of the country with largest youth. Stress has been laid to youth Development. Corporate Sector is encouraged to employ first timers. Emphasis is also there on women skilling , market support etc. To help MSMEs Credit Guarantee Scheme is modified, support for cluster development , industrial parks in 100 cities . Other highlights include Ecommerce & Export Hubs, Urban & Rural Development Hub.
Mr. Rohan Bhandare – Chairman, GCCI taxation & financial services committee said that though there are global uncertainties India is on strong footing . Its heartening to see Budget positives for employment generation . Many of the recommendations of GCCI like rationalization of taxes , steps to reduce tax disputes are part of this budget . For middle class Standard Deduction is increased , increase in contribution to family pension etc. Ms. Pratima Dhond, Vice President, GCCI, said that lot of stress is given on women empowerment . Lower Stamp Duty to Women will encourage many to register properties in the name of women which otherwise was not happening. Women are also encouraged to start their own ventures. Angel Tax has been abolished . Women wing of GCCI will be definitely get encouraged to create awareness of the benefits announced in this budget to women entrepreneurs. Mr. Milind Shirodkar Chairman ICAI Goa region said that in a nutshell the budget is focusing on youth empowerment by providing them employment and skilling . Every year there is a need of around 48 lakh employment and this budget is a beginning to address this problem. It is also good to know that CSR funds could be used for youth skilling, internship . More Industrial training institutes with new courses will be set up to skill the youth. Enhancement in Mudra loan is also a good thing. Rationalisation of GST on cancer drugs, mobile phones is also part of this budget . Overall this is very good & balance budget
