February 18, 2014
Industrialists and Commerce chambers hail Bengal Budget
The Confederation of Indian Industry (CII) Eastern Region welcomed the third budget proposals of Finance Minister Dr Amit Mitra, describing it as a growth and investment-oriented one. It lauded the state's proposal to allow input tax credit on old plant and machinery used for manufacturing goods. “The budgetary proposals for a large taxpayer unit, a single nodal officer for most of the services and statutory compliance with regard to VAT, sales tax, CST, profession tax, entry tax and e-stamping in property registration deserve praise,” said Saugat Mukherjee, Regional Director, CII Eastern Region. President Sanjay Agarwal, too, praised it as a pragmatic and bold budget.
According to Patton Group MD Sanjay Budhia, “The state budget focuses on inclusive growth and encompasses equally on all round growth in agriculture, rural development, infrastructure, industry, education and social sector.”
Universal Success chairman Prasoon Mukherjee said the reduction in stamp duty by 1% will give a big boost to the real estate sector and in turn, it will benefit the economy through multiplier effect.
Bengal National Chamber of Commerce and Industry (BNCCI) president Dibyendu Basu complimented the finance minister for enhancing planned expenditure for about 15.65% which would help the state grow at a faster rate.
Shreevardhan Goenka, President of the Indian Chamber of Commerce (ICC), feels, “The expected West Bengal GDP growth of 7.6% against the national growth of 4.96% is indeed remarkable. The Finance Minister has achieved a perfect balance between immediate growth across all sectors of the economy and longer-term investments in infrastructure development and socio economic schemes like the Yuvashree and the Kanyashree.”
Bharat Chamber of Commerce President Sajjan Bhajanka said immense opportunities have been created for employment generation and stated that the budget is pro-development and forward-looking.
MCCI President Sanjay Agarwal said it was a bold and pragmatic Budget. Mr Agarwal complimented the state finance minister Mr Amit Mitra for introducing some reliefs for industry and trade by way of allowing input tax credit on old plant and machinery used in manufacture.
Mr Sajjan Bhajanka, President of Bharat Chamber of Commerce, said: “The State Budget has highlighted a number of unique innovative and dynamic success stories in respect of socio-economic development of the State in the last 2 years.