Gujarat industry hails Budget for "practical approach"

Gujarat industry hails Budget for "practical approach"

Ahmedabad, Feb 1 (PTI) Industry representatives in Gujarat hailed the Union Budget presented by Finance Minister Arun Jaitley today for offering relief to MSMEs and aiming to create jobs and assist farmers, and for taking a "practical approach".

Gujarat International Finance Tec-City (GIFT) MD and CEO Ajay Pandey hailed the decision to set up a unified regulator for the International Financial Services Centre at GIFT City, saying it will help "achieve its full potential".

"Globally, most of the financial centres host Unified Regulator in the same Centre which helps it to promote the financial centre," he said.

Chairman of the Gujarat chapter of Federation of Indian Chambers of Commerce and Industry Rajiv Vastupal said the budget has taken a "very practical approach" and hailed relief to corporate sector through tax reduction to 25 per cent for companies with a turnover of up to Rs 250 crore.

"Budget presented by the union finance minister has taken a very practical approach. Most of the existing policies of the country have been reiterated in this budget with further modifications. (Tax relief to corporate) is likely to push private capex. Provisions to revamp online loan sanctioning facility for MSMEs to prompt decision making by the banks (is also welcome)," he said.

"The Union Budget is extremely good for everybody, particularly for farmers, women, and senior citizens. For MSMEs also, the budget is particularly good," said president of Gujarat Chamber of Commerce and Industry (GCCI) Shailesh Patwari.

"I think decision to set up mega food parks will also help farmers to get right price and increase their income. Residential facilities for low-income group people and mediclaim for the poor will have good impact," he said.

The Budget will help generate employment and address job shortage issue, Patwari further said.

President of Federation of Gujarat Industries Nitin Mankad hailed the budget as the one benefiting the common man and MSMEs.

"The budget has been presented taking into consideration the upcoming Lok Sabha elections, and the fact that revenue will increase in coming year due to GST," Mankad said.

"The budget is welcome as it benefits common man. Benefits to MSMEs through 5 per cent corporate tax will help get them relief from problems they have been facing in recent times," he said. PTI KA KRK