Lucknow, Feb 28 (IANS) The Confederation of Indian Industry (CII) and industrialists of Uttar Pradesh Saturday complimented Finance Minister Arun Jaitley for presenting a "growth oriented, reformist and pragmatic budget".
The CII said by "focussing on manufacturing, ease of doing business, prohibiting black money and continuing with the ongoing reforms", the budget was set to create an "enabling environment".
CII Northern chairman Zubin Irani said the industry was happy to note that many of its recommendations as part of the Union Pre Budget Memorandum such as monetisation of gold, phased reduction in corporate tax, early rollout of GST, tweaking of real estate investment trusts and infrastructure investment trusts, increased emphasis on manufacturing by way rationalisation in custom and excise duties, focus on ease of doing business have been majorly accepted by the finance minister in this year's budget or at least he has given a roadmap on these.
Irani said the budget has been a comprehensive and pragmatic one as it lays out a vision for achieving higher and inclusive double digit growth rate.
Industrialists felt that focus on the manufacturing sector was of utmost importance for growth and to create job opportunities for millions and that the budget laid the roadmap ahead in this regard.
"India is presently ranked at 142nd position among 185 countries in 'ease of doing business' as per a World Bank report. Through the union budget 2015-16, the government has fortified its focus on ease of doing business to improve investors' confidence in the economy," said Somany Ceramics Ltd. CMD Shreekant Somany.
About the proposed GST rollout, UP State Council chairman and Jakson Engineers managing director Sameer Gupta said CII has been for long advocating for the early rollout of GST, and "we believe that the finance minister's commitment towards rollout out GST by April 1, 2016 is really commendable".
"CII believes that GST regime is expected to add about 1-1.5 percent in the country's GDP. As a movement towards GST, the education cess and secondary and higher education cess getting subsumed in central excise duty is a positive indication," he added.
"Understanding that a lot of Indian capital gets locked or remain idle because of investment in gold, the proposal of the finance minister to introduce a gold monetisation scheme will allow depositors of gold to earn interest in their metal account," Chopra Retec Rubber Products Pvt. Ltd managing director Kiran Chopra told IANS.
You may have to pay a fee for the Twitter service. New boss Elon Musk is considering moving Twitt
After buying this phone, there will be no need to buy a camera, know the features and deal price
Samsung Galaxy S22 Ultra On Amazon: If you are fond of expensive phones, then buy Samsung Galaxy
Indian Space Research Organization Chairman S Somanath attended the 18th convocation of SRM Insti
Mumbai's explosive batsman Sarfaraz Khan got a chance to wear the jersey of the Indian Test team
BJP appointed Sunil Bansal as National General Secretary, was also made in-charge of three states
Bharatiya Janata Party (BJP) national president JP Nadda has appointed Sunil Bansal as the nation
Chief Minister Pushkar Singh Dhami is on a Delhi tour. He reached Delhi on Monday. On Tuesday, he
The ICC Women's World Cup is starting from 4 March in New Zealand. The first match will be played
There has been a decline in new cases of Corona (Covid 19 Cases) in the country. In the last 24 h
Documents Leak: Former Journalist Sent to Custody
New Delhi, Feb 23 (IANS) A court in Delhi Monday sent former journalist Santanu Saikia and thre
50 per cent of the total deaths from corona reach the age of 60
According to government figures, the number of elderly people in Covid-19 deaths in the country i
