Hyderabad, July 23 (NSS): The 7th Budget presented by Union Finance Minister Nirmala Sitharaman was very good. It was a progressive budget, a pro-development budget that attempted to lay a strong foundation for Vikasith Bharath, said Suresh Kumar Singhal, president of the Federation of Telangana Chambers of Commerce and Industry (FTCCI).
Addressing the media at Federation House in Red Hills, Suresh Kumar Singhal said the budget is intellectual architecture of Nirmala Sitharaman. He welcomed the finance minister’s proposal to give a fillip to the MSME sector, and four priority areas such as Employment, Skills, MSME, and Middle Class. Singhal also welcomed the proposal to open new SIDBI branches to expand its reach to serve all major MSME clusters within 3 years and provide direct credit. With the opening of 24 such branches this year, the service coverage will expand, he said and also hailed the simplification of FDI policy to attract foreign investments. He welcomed under the new tax regime as a result of which a salaried employee in the new tax regime stands to save up to Rs 17,500/- in income tax, Singhal added. This helps people have more money in their hands, he added. He also lauded the proposal to abolish angel tax for all investor classes which will immensely boost investments in startups.
Srinivas Garimella, Chair of the Industrial Development Committee of FTCCI felt overall the budget was a very good one. A lot of focus was given to ease of doing business, and a lot of areas are getting simplified which is very good, he said.
Irshad Ahmed, Chairman of GST and Customs Committee of FTCCI, also spoke.
Speaking about Telangana, he said not many specific benefits were announced but one noteworthy thing is the allocation of Rs 1.5 lakh crore for States to support their infrastructure projects. Sudhir, CA and Chairman of the Direct Taxes Committee of FTCCI, said the budget laid a strong foundation for the Union governments’ goal of reaching a five trillion economy.
He welcomed raising the standard deduction to Rs 75,000 from the current Rs 50,000. Salaried employees will now stand to save money, he said.
Bhagwati Devi Baldwa, Chair of the Ladies Wing and Women Empowerment Committee, also spoke.
Meela Jayadev, immediate past president of FTCCI welcomed the 10-lakh loan scheme unveiled to support higher education within the country.
Representing the Tourism Committee its co-chair D. Ramchandram welcomed the initiatives announced to boost tourism such as the development of temple corridors, Nalanda University, Natural Landscapes, and Pristine beaches among others as world-class pilgrimage and tourist destinations others. But that was not sufficient.
