It will have a limited impact on the economy, feels Guj Inc.
The vote-on-account Budget presented by Union finance minister P Chidambaram is a non-event considering the interim Budget would have a very limited impact on the economy, felt Gujarat Inc.
Targeting votes in the upcoming Lok Sabha election, FM had announced duty cuts for cars, bikes, consumer durables and a couple of more items. But, for Gujarat industry, the budget is a non-event, confusing, contradictory and cunning.
The industry, too, has given farewell to the government and the finance minister, said Yatindra Sharma, past chairman of the Confederation of the Indian Industry (CCI) Gujarat State Council.
“This interim Budget has neither surprised nor impressed us. The country already has taxation load. There is a need to cut down the input cost. But, it seems it will push up which may not be good for the industry. So overall, it was a non-event,” he pointed out.
Some believe the Budget was totally lacklustre. “We were expecting the Budget to address some of our issues. Alas, it has failed to live up to our expectations. It looks that the finance minister drafted a Budget for people belonging to the five-star culture.
All the focus is on FDI (foreign direct investment). No benefit for small traders or retailers has been announced in the budget,” said Sanjay Jagnani, president of the Federation of Surat Textile Traders Association.
This Budget is confusing, contradicting and cunning, said Bhagyesh Soneji, chairperson of the Assocham Gujarat Council. “On the one side, FM said agriculture has seen a drastic growth. But, on the other side, citizens of the country are fighting food inflation. This is contradicting.
He has kept the fiscal deficit issue as it is which has left us confusing. And, the overall budget will not influence the people of the country. So, it seems to be a cunning budget,” she said.
The gem and jewellery industry was expecting the FM to ease gold import norms. “The step, taken by the union government to control current account deficit and restrict gold import, should have been rolled back by the finance minister. Despite our representation on presumptive tax, nothing was mentioned in the budget.
For the past five years, the gems and jewellery sector is constantly being ignored in the union budget,” said Vipul Shah, chairman of the Gems and Jewellery Export Promotion Council.
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