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Thursday, August 11, 2022

GSAI hails union budget

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Panaji: Goa Small Industries Association has hailed the union budget.
In a statement issued here, GSAI has said Finance Minister Nirmala Sitharaman today presented a well-balanced and growth oriented budget. “The budget was presented at a time when there is unprecedented contraction of global economy due to covid-19 pandemic. The Finance Minister in her budget has accelerated structural reforms.”

“The budget has aimed at strong infrastructure, healthy India, doubling farmer’s income, opportunities for the youth, education for all, women empowerment, inclusive development and good governance”.

“Budget allocation of 5.54 lakh crores to capital expenditure, Rs 2.24 lakh crores for health and welfare , Rs 3.05 lakh crore to Power sector etc., will boost demand and job opportunities. The Finance Minister has laso allocated 15700 crores to MSME sector, however, details of allocation are not known. Goa also got Rs 300 crores for celebrating 60th anniversary of its Liberation.”

“The disinvestment measures, specially selling part of its holding in LIC through IPO, increasing FDI in insurance from present 49% to 74% and monetization of Government land will bring in lot of liquidity.”

“Under taxation, the announcement that the Government will increase threshold paid up capital of small companies from Rs 50 lakg to 2.00 crores and increase of threshold of maximum turnover from Rs 2.00 crore of Rs 20.00 crore, extension of tax holiday schemes for Startups for an additional year are some of the welcome measures of the budget. All in all, it is good budget considering the present economic situation, however, much will depend on its implementation.”

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