PANAJI: Optimistic about the Union budget for 2022-23, Goa’s private sector leaders said that growth-oriented budgets could trigger economic growth and generation of employment.
Goan businessman said that the priority placed at PM Gati Shakti, inclusive development, energy transition and climate action and investment financing are steps in the right direction.
The private sector said he was happy that the Finance Minister Union Nirmala Sitharaman avoided announcing taxes and new additional costs while leaving the income tax plates untouched.
“There is no bad news is good news as far as individual tax plate.
There is no new tax or cesses to support vaccination programs,” said Vice President GCCI Shrinivas Dempo.
Transfer to extend production related incentives (pli) to 14 sectors for Atmanirbhar Bharat will create six million jobs and upgraded allocation of funds can also increase the MSME sector, industrialist said.
“From the point of view of the taxation, a little focus is expected to tax policy for MSMEs, however, the continuation of a 15% tax for new manufacturing companies to 2024 March and the reduction of the company’s additional costs from 12% to 7% are steps that are welcomed,” said the President of the Association Industrial State of Damodar Kochkar.
The industry also sighed for relief because many expect populist election-oriented budgets.
Former GCCI President Manoj Caculo said the industry was worried about the private sector which was taxed to meet the funding needs of populist schemes.
“The big takeaway is that Sitharaman does not present a populist budget by considering the upcoming election and burdens the industry,” said Caculo.
Sitharaman announcements about e-passports, digital rupees, 5G roll-out at FY 2022-23, digital currency and certain tax rationalization are also passionate about the private sector.
Dempo also supports the focus on the ease of doing business and a brave step to record 1,486 laws.
While President GCCI Ralph De Sousa said the budget was oriented to growth, he also welcomed the focus on the hospitality and expansion of the eclgs scheme.
“The new budget captures economic intentions and manufacturing industry,” said Chairman of the CIA Atul Jadhav.