PANAJI
Goa’s industry captains have reacted positively to the Union budget, some of them terming it “best from Goa perspective” and others suggesting it was indicative of a shift in long term economic thinking.
“The budget was best from Goa perspective as it aimed to encourage domestic tourism,” said Ralph De Souza, the Goa Chamber of Commerce and Industry President, who himself has a stake in the hospitality sector.
De Souza opined that reduction of export tax on marine products will also help the industry in the State.
Tourism and Travel Association of Goa (TTAG) President Nilesh Shah opined that 50 years interest-free loans for States proposed in the budget will help Goa complete projects lagging behind due to fund crunch.
The Goa Small Industries Association (GSIA) president, Damodar Kochkar said it was a “development-oriented” budget focussed on seven priorities: i) inclusive development ii) reaching the last mile (iii) infrastructure and investment (iv) unleashing the potential (v) green growth (vi) youth power and (vii) financial sector.
He noted that capital expenditure outlay was raised by 33% which will give impetus to overall growth and employment generation, while extending facility of interest-free loans to States on capex.
For the Covid-hit MSMEs, infusion of Rs 9,000 crore to Credit Guarantee Scheme is a big relief.
“This will enable collateral security for Rs 2 lakh crore loans to MSME and increase fund flow to distressed and fund-starved MSME sector,” Kochkar said.
Vikram Verlekar, managing director of Ulhas Jewellers, welcomed the reduction of GST rates on jewellery from 3 to 1.5 per cent.
He however said, while there are some decisions that give hope to business sectors, the Gem and Jewellery industry does not have too much to rejoice about.
“The reduction in gold custom duty was our expectation, which has severely hampered the industry and encouraged smuggling and grey market. This means the gold grey market will continue to thrive and pose a threat to jewellery brands who deal in legal, standardised, hallmarked gold,” he said.
Pallavi Salgaocar who heads the GCCI’s women’s wing said, “The setting up of one-time small saving scheme under Mahila Samman Saving Patra is a welcome move.”
“This deposit facility for women and girls for a period of 2 years with a rate of interest of 7.5% will encourage the habit of saving,” Salgaocar said.
She also said that the proposal to set up ‘Unity Mall’ in each State for one district one product, GI certified and handicrafts will benefit women to market their products.
“Making India Global Hub for Millets ‘Shree Anna’ will encourage production, consumption and exports of millets,” she said.
The zero tax on incomes up to Rs 7 lakh under the new regime will increase the purchasing power of consumers and have a multiplier effect on the economy, she adds.
