Team News Riveting
Raipur, February 2
Chairman of the state Council of FICCI Pradeep Tandon had termed Budget 2021 well focused based on six pillars and challenges faced during the pandemic.
“The budget reflects the vision of the Pradhan Mantri Garib Kalyan Yojana,” Tandon said while reacting to the Budget presented by Finance Minister Nirmala Sitharaman yesterday.
The salient features of the budget include healthcare and wellbeing, Urban Swacch Bharath 2.0, wastewater treatment, reduction in plastic waste, and pollution, voluntary vehicle scrapping policy, accessibility to the COVID19 vaccine, Focus on physical, financial capital and infrastructure will nurture global manufacturing champions and increase jobs for the youth, investment in 7 more textile parks over the next 3 years, focus on the NHAI operational toll roads, airports in tier-2 and 3 cities, Rs 2 lakh crore allocation for capital expenditure in the states and other autonomous bodies with a total of Rs 1.18 lakh crore for Ministry of Road Transport and Highways.
Besides Infra-National Rail plan to prepare a future rail system in India by 2030 to bring down logistics cost, the ‘Metro Lite’ and ‘Metro New’ concepts for tier 1and 2 cities will help in growth of Steel and cement industry, Tandon said, adding that extension of Ujjwala Scheme up to 1 crore beneficiaries from the existing 8 crore beneficiaries including the power sector, grant of Rs 1,000 crore to the Solar Energy Corporation of India for the growth of the Solar Energy Sector.
Amendment to the Insurance Act to introduce additional FDI to insurance companies from the existing 49 per cent to 74 per cent, modification of the definition of small companies to a paid-up capital not exceeding 2 crore and a turnover not exceeding 20 crore will give over 2 lakh companies benefit from this provision, Startups and Innovators that the OPC can be incorporated without a limit for turnover or paid-up capital will allow NRIs to incorporate OPC in India, special framework for MSME are other important features, he added.
Tandon said inclusive development in the Agriculture sector with credit increase to 16.5 lakh crore, enhancement of ‘Operation Green Scheme’ to include 22 perishable crops & integration of 1,000 mundis ,development of fishing harbors and fish landing centers along the banks of rivers and waterways will revolutionise the sector , the ‘1 nation-1 ration card’ plan will help Migrant workers, senior citizens not to file ITR will increase more monetary flow in the market, Reopening of assessment, Tax holiday upto March 2022 for affordable housing projects, tax incentives for the IFSC and tax holiday for aircraft leasing and rental companies, rationalization of customs duty on copper, textile, gold ,withdrawal of exemption on import of leather are significant steps to boost the slowdown and may help in revival of economy by means of increased demand and better spending.
