Bengal Inc lauds growth-oriented Budget

Kolkata, Feb 1 (PTI) Industries in Bengal on Tuesday lauded Union Finance Minister Nirmala Sitharaman for presenting a growth-oriented Union Budget and hoped that it would go a long way in fulfilling people's aspirations.

City-based diversified conglomerate ITC Ltd said that the "visionary" budget has looked into issues of concern.

"The path-breaking measures address key issues of livelihood generation, enhancing farmers' income and building climate resilience," ITC chairman Sanjiv Puri stated.

Taranjit Singh, the managing Director of JIS Group, said the government has "ushered in a new era" by focusing on the ed-tech sector.

He, however, pointed out that subsidising the sector was the need of the hour.

"Students who do not possess laptop or smartphone or even uninterrupted Internet connection to continue their education on virtual mode will not be able to take advantage."

The chambers said that they felt optimistic about the budget.

Abraham Stephanos, the president of Bengal Chamber of Commerce and Industry, said, "Backed by robust revenue collection and mass vaccination drive, this budget is an exercise in continuity. It has renewed stress on infrastructure and inclusive growth. Budget 2022-23 aims at a long-term commitment towards sustainable development, riding on the pillars of Gati Shakti, inclusive development, climate action, energy transition, exports push and digital economy."

In a similar vein, Indian Chamber of Commerce president Pradeep Sureka maintained that the budget was a "growth-centric" one, something that the industries needed for fast recovery of their respective businesses amid the COVID-19 pandemic.

Bharat Chamber president Ramesh Kumar Saraogi said, "Extension of credit facilitation for MSMEs and concessional income tax for start-ups and new industries, and help for revitalisation of hospitality, travel and tourism and related sectors are laudable proposals."

Asserting that the budget focuses on "sharp rebound and recovery of the economy", Rishabh C Kothari, the chief of Merchants' Chamber of Commerce, stated that it has "identified the seven engines of growth -- roads, railways, airports, ports, mass transport, waterways and logistics infrastructure -- as key areas" that needed attention.

Sitharaman on Tuesday unveiled a Rs 39.45-lakh-crore Budget, with higher spending on highways to affordable housing, seeking to fire up the key engines of the economy.

According to Berger Paints MD Abhijit Roy, a lot of emphasis has been placed on capital expenditure which augurs well for the growth of the economy and job creation, especially in the medium to long term.

"The focus on green, environment-friendly, sustainable as well as digital technologies should also to be appreciated," he added.

Congratulating Sitharaman on the initiatives she has taken, Aditya Agarwal, the director of Emami Group,, however, noted, "We would expect the government to reinstate the import duty difference between refined palm oil and crude palm oil back to 11 per cent from the current 5.5 per cent to keep the domestic industry viable. Further, in the time of sustainable and recycled products, imposing import duty on waste paper needs review." PTI BSM DC RMS RMS