Kochi: Industry hails Budget proposals

KOCHI: The chambers of commerce and industry in Kerala applauded the maiden budget presented by Union finance minister Nirmala Sitharaman on Friday.  Most chambers highlighted the initiatives in the transportation sector, infrastructure, digital economy and emphasis on private investments.

“We are especially happy about the comprehensive restructuring of National Highways Programme for creation of National Highways Grid and the government’s plans to use rivers for cargo transport so as to decongest roads and railways. The latter will be a great boon for Kerala,” said V. Venugopal, president, Cochin Cham-ber of Commerce and Industry.

The two per cent interest subvention for GST-registered MSMEs on fresh or incremental loans, the decision to extend pension benefit to retail traders with annual turnover less than Rs 1.5 crore, the proposal to reform rental laws and the decision to unveil a New Education Policy are some of the other positive aspects of the budget, he said.

Mr Venugopal, however, regretted the budget remaining silent on allocations for water conservation, pollution management, responsible growth without damaging natural resources, etc.

George Muthoot, chairman, FICCI Kerala State Council, said, “Directionally the budget is good, and it takes forward the plan laid out by the government during the Interim budget. There are several positives in the budget, and it provides a set of benefits for most segments of the society”.

The increase in customs duty on import of gold from 10 per cent to 12.5 per cent may affect short term sentiments on gold buying, and lead to an increase in the illegal supply of gold in the market, said T.S. Kalyanaraman, chairman and managing director, Kalyan Group of gold and textile retailers.

Overall, reforms in the budget are mostly aligned towards strengthening government’s schemes like Make in India, Swacch Bharat Abhiyan, Digital India and ease of doing business in the country, he added.  

The North Malabar Chamber of Commerce described the budget as disappointing due to lack of concrete proposals to boost trade and industry.

There has been no significant announcement pertaining to healthcare in the budget, said Dr Azad Moopen, chairman and managing director of Aster DM Health Care. “It is good that the focus is in education and I hope that there will be more funding for starting and upgrading medical colleges. There is also proposal for “Study in India “programme which will help in setting up autonomous institutions”, he said.