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February 5, 2019

Bengal’s business chambers laud state Budget 2019-20

Various business chambers in Bengal lauded the state government’s Budget presented by Finance minister Amit Mitra on Monday.

President of MCCI said that full exemption of Education Cess and Rural Employment Cess for Tea gardens has been extended for two more years, which would help the tea industry grow. He appreciated the prudent fiscal management of the state, by which revenue deficit has come down to 0.96 percent. Fiscal deficit as a percentage of GSDP has also gone down to 2.83 percent.

Meanwhile, the Bengal Chamber thinks that the Budget has brought in good news for revenue deficit of the state, which has been reduced to zero for 2019-20. The Budget has announced additional income for poorer sections of the society, namely contractual group C and D workers, as well as self-employed persons.

The Chamber feels that the fast growth of the industrial sector and GSDP will generate additional revenue to the state, so that on debt head, Bengal needs only a 10 percent rise in this Budget, compared to an increase of almost 55 percent during the last Budget. The Chamber also feels that the Budget has given stress on demands of farmers, social sector and poorer sections of the society, as well as MSMEs.

President, Bharat Chamber of Commerce, said: “From the industry perspective, the full exemption given to tea gardens from the payment of Educational and Rural Employment Cess for the next two financial years is indeed laudable.”

“The state’s achievement of a GSDP growth of nearly 12 percent in the last fiscal clearly states that the government has been able to drive aggregate demand and create more and better employment for the youth,” he added.

Source: Millennium Post