VASCO
The Goa State Industries Association (GSIA) on Monday hailed the budget presented by the Finance Minister Nirmala Sitharaman as well balanced and growth-oriented but admitted that much would depend on its implementation,
"The budget was presented at a time when there is an unprecedented contraction of the global economy due to Covid-19 pandemic. The Finance Minister in her budget has accelerated structural reforms,” stated GSIA President Damodar Kochkar in a press release.
He said the budget has aimed at strong infrastructure, healthy India, doubling farmer's income, opportunities for youth, education for all, women empowerment, inclusive development and good governance.
“Budget allocation of Rs 5.54 lakh crore to capital expenditure, Rs 2.24 lakh crore for health and welfare, Rs 3.05 lakh crore to the power sector will boost demand and job opportunities."
"The finance minister has also allocated Rs 15,700 crore to the MSME sector, though details of allocation are not known. Goa also got Rs 300 crore to celebrate the 60th anniversary of its Liberation,” said Kochkar.
He opined that disinvestment measures, especially selling part of its holding in LIC through IPO, increasing FDI in insurance from present 49% to 74%, and monetisation of government land would bring in a lot of liquidity.
“Under taxation, the announcement that the government will increase threshold paid-up capital of small companies from Rs 50 lakh to Rs 2 crore and increase of threshold of maximum turnover from Rs 2 crore to Rs 20 crore, an extension of tax holiday schemes for startups for an additional year are some welcome measures of the budget.”
“All in all, it is a good budget considering the present economic situation, however, much will depend on its implementation," said Kochkar.
