Budget: Gujarat Industries To Have A Mix Of Union Budget

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Gujarat Industries To Have A Mix Of Union Budget

| Updated: February 2, 2022 11:32

Gujarat Industries will have a mix of Union Budget because of the speculations of incentives, especially for the healthcare sector during the pandemic.

Hemant Shah, the president of the Gujarat Chamber of Commerce and Industry (GCCI) states that the health care sector has suffered the most due to the pandemic and some specific relief measures were expected for the sector

GCCI also appreciated the provisions that were for Emergency Credit Line Guarantee Scheme and Credit Guarantee Trust for Micro and Small Enterprises. But has also stated that the minimum investment for claiming benefits of the PLI (Production Linked Incentive) scheme should be reduced so that it can benefit MSME units as well and some sum of money should be allocated to these units as well. Income tax should have been rationalised keeping the inflationary trend in mind, they also appreciated the extension of tax exemptions for start-ups, the new Act for SEZs and announcements made in regard to GIFT City.

Co-Chairman of FICCI in Gujarat, Geeta Goradia has welcomed the budget with open hands but felt that there has been enhanced spending should be available to social sectors majorly, Specific interventions are mandatory for incentivising R&D in sectors such as healthcare, pharma, biotech, Greentech and futuristic areas like AI, Internet of Things, etc. FICCI will continue to engage with the government on such issues.

The National Dairy Development Board (NDDB) at Anand, has accepted the reduction in alternate minimum tax, from 18.5% to 15 %, and surcharge from 12% to 7% for cooperatives having an income of Rs 1 crore-10 crore. The decision is set to develop initiatives of dairy cooperatives and ensure better remuneration to millions of farmers as per Meenesh Shah, Chairman of NDDB. 

Rasna Group Chairman Priuz Khambatta has accepted the budgetary provisions for infrastructure, agriculture and natural farming. The industry was expecting more in terms of tax breaks for the middle class and more cash transfers for rural poor that would have led to more growth in consumption. The same is missing in the budget. India deserves this progressive budget.

Read Also: Budget Vibes: Gujarat Reacts To Union Budget 2022

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