PANAJI
Congratulating the Finance Minister Nirmala Sitharaman for presenting a balanced and growth-oriented budget, the Goa Chamber of Commerce and Industry (GCCI) has made a mention in its statement released to the press, that the Indian economy which was already under stress due the persisting global slowdown was further strained by the Covid-19 pandemic.
GCCI vice-president, I Ralph De Sousa has stated, “In these unprecedented times, the government was expected to initiate some strong measures to revive the economy. Unprecedented allocations on sectors like healthcare, infrastructure, financial sector, education and skilling may upset the fiscal prudence that the government has been observing thus far. But the government has preferred growth over fiscal prudence.”
De Sousa further states, “The thrust on agriculture, fisheries, SWAMITVA Scheme, migrant workers and labourers, financial inclusion to further facilitate credit flow under the scheme of Stand-Up India for SCs, STs, and women, conciliation mechanism and mandate its use for quick resolution of contractual disputes, etc should help Goa as well.”
On the direct taxation front, there is no relief in tax rates, however, it is a relief that the much-rumoured ‘Covid Cess’ has not been proposed, says a thankful De Sousa, adding, “The extension to affordable housing tax relief is a welcome move. There are few more reliefs on compliance and assessment areas. Reliefs are also given for setting up a one-person company, relief in compliance through classification as a small company.”
GCCI further hopes that a stable tax regime, focus on disinvestment and monetization, opening up of insurance, clean-up plan for stressed assets, focus on ease of doing business are some of the reforms that will augur well for the Indian economy. A grant of Rs 300 crore to the government of Goa for the celebrations would help in supporting the tourism activity in Goa. “Goan economy depends on tourism and we would have been happier if the budget had made some provisions to encourage the hospitality and tourism sector. Goa is also a big fishing hub and could have been included in the plan for the development of modern fishing harbours and fish landing centres. GCCI would prefer to take up this issue with the Central Government,” says the release.
