Team News Riveting
Raipur, February 1
Pradeep Tandon, Chairman of PHD Chamber of Commerce and Industries termed the Union Budget as aimed to accelerate growth and unlock the nation’s potential while initiating reforms in taxation, urban development, mining, financial sector, power and regulatory reforms.
The focus is on inclusive development and boosting middle-class spending to enrich the economy. Investment limit of 2.5 times for MSME classification will boost opportunities to this biggest segment. The boost for footwear, leather and toys industry will create 22 lakh jobs, Rs 4 lakh crore revenue and over Rs 1.1 lakh crore exports. Fish production and aquaculture, Seafood exports in marine sector will bring in an enabling framework for sustainable harnessing of fisheries from the Indian exclusive economic zone and high seas will create new opportunities and enrich the economy.
The national centres for skilling with partnerships in manufacturing along with Funds for Startups to be set up will promote entrepreneurship. New Scheme for 5 lakh women, scheduled castes and scheduled tribes as first-time entrepreneurs will help develop backward areas. Opening of cancer hospital in every district and urban challenge fund aimed at transforming cities, Broadband facility in primary schools will introduce new avenues of education and social consciousness.
Tandon said extended Jal Jeevan mission with an enhanced outlay will not only provide potable drinking water but will promote the pipe manufacturing further. 100GW nuclear energy production will open new avenues. The modified UDAN scheme along with promotion of medical tourism will promote Travel-tourism and infrastructure industry by connecting 120 new destinations catering to 4 crore passengers. Insurance FDI hiked from 74 per cent to 100 per cent will introduce new and cheaper schemes. The threshold limit for TCS on LRS remittances from Rs 7 lakh to Rs 10 lakh, TDS threshold limit to Rs 6 lakhs, removal of TCS on education loans up to Rs 10 lakh from specified financial institutions will boost quality education and spending power, facility for Taxpayers to claim annual value of two self-occupied properties as nil without any condition will boost the building infrastructure industry further.
