10/07/2014 … The Union Budget of the Modi Government is a document of fiscal prudence which speaks of galvanization of each sector of economy to its best in the larger interest of the Country-said the Confederation of All India Traders (CAIT), apex body of the trading community of India.
After a long time, the budget is not a corporate document but has made all efforts to utilise optimum capacity of all sectors of economy. It would have been more better if the Union Finance Minister would have also announced a National Trade Policy for Retail Trade of India.
However, the efforts spelled out in budget to liberate the trade and industry from the clutches of Inspector Rule and simplification and rationalisation of tax structure is a welcome step and the budget will lead to economic sovereignty-added CAIT.
CAIT National President Mr. B. C.Bhartia and National Secretary General Mr. Praveen Khandelwal while reacting on the Union Budget said that proposal to to examine financial architecture for MSME sector and for this purpose the FM has declared to constitute a Committee of Finance Ministry, MSME Ministry and RBI is a welcome step.
The CAIT was demanding financial inclusion of this sector since a long time. They also lauded the declaration to form a High Level Committee to interact with trade & industry on regular basis for clarity in tax laws will be a major step in direction of simplification and rationalisation of tax structure in the Country.
The announcement of early introduction of GST is also a welcome step but the stakeholders should be consulted effectively while drawing a roadmap of GST in India-said both leaders.
Both Mr. Bhartia & Mr. Khandelwal said that serious declarations have been made in the budget for skill development which will provide much employment opportunities in the Country. The provision of E Visa will boost Business Tourism in India.
The declaration of setting up of Export Promotion Mission to bring all stakeholders under one umbrella will further boost domestic exports and both trade and industry will be benefited. The creation of a fund with Rs.10,000 crore for venture capital in MSME will strengthen SME fabric in the Country.