They also hoped that immedatiate steps should be taken to ensure revival of small businesses, which have been severely hit by demonetization and Goods and Services Tax (GST).
Representatives of trade and industry in Gujarat feel that the come back of Narendra Modi-led NDA government in the country will ensure that the momentum generated during previous five years will continue for next five years. They also hoped that immedatiate steps should be taken to ensure revival of small businesses, which have been severely hit by demonetization and Goods and Services Tax (GST).
"If another political alliance had formed the government in Delhi, there was a likelihood of change of track but since NDA government has come back we do not expect any 'out of the blue' steps. But we feel that the previous momentum will continue. However, we expect more steps towards rationalisation of taxes simplification of compliance requirements," said Durgesh Buch, senior vice president of Gujarat Chamber of Commerce and Industry (GCCI).
VP Vaishnav, president of Rajkot Chamber of Commerce and Industry (RCCI) said that immediate steps should be taken to revive small businesses, which have been severely hit because of twin blows of Demonetisation and (premature roll out of) GST. "Although we are talking of economy going strong, Micro Small and Medium Enterprises (MSMEs) are on a deathbed. It is MSMEs who provide more jobs. We have to worry about new job creation," said Vaishnav. He also said that the government should focus on revival of exports. US- China trade war has created and environment conducive to increase Indian exports, but that is not happening. Advocating rationalisation of GST, he said that tax rates should come down and tax slabs should be reduced to two to prevent tax evasion.
Shailesh Patwari, former president of GCCI focussed on the need to reform bureaucracy to reduce their discretion and for these local trade and industry bodies, who represent small businesses will have to play a key role. Vaishnav said that interests of farmers can be ignored only to the detriment of overall socio-economic well being. All the eyes will be now on new budget and how rains fare during Monsoon. "In an agriculture based economy, there should be no place for farmers' distress. We hope that the budget revives the economy and that rains, over which we have no control, are conducive," he said.
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