Chennai: The interim budget presented by Union Finance Minister Piyush Goyal has been received with varied response around the country.
While emphasis has been made on farmers and micro, small and medium enterprises, the government has also laid a clear 10-point path for development of the nation.
Here is what leading experts had to say about the budget to News Today. South India Sugar Mills Association president and economist Palani G Periasamy, said, “Overall, the interim budget is very significant for farmers. The government has promised Rs 20,000 crore this year and Rs 75,000 crore next year for the sector which is a great boost for farmers.”
MSMEs have been given backing while the middle-class will be happy with the revision in the income tax. Healthcare has also been given importance in a bid to make India become better in sanitation.
Election or no election, the budget is for farmers and their welfare, he said. Disappointments come in the way that the government has not mentioned about banking, education, tourism sectors and industries, apart from MSMEs. In tourism, foreign arrivals bring in foreign exchange. Due emphasis should have been paid. The government has not addressed issues in the sugar industry even though we are the biggest producer of sugar in the world, he said.
“I was also disappointed that they did not talk about ethanol. More emphasis should have been put on ethanol production. We need sectoral approach. Overall, the idea of helping middle class, farmers, establishing transparency in government, increasing sanitation will be music to the ears of farmers and small industries,” Periasamy said.
Grand Thornton India LLP partner Sridhar Venkatachari said, “This a budget for the people. It was more like a progress report with the government focussing on specific areas like income support for farmers. They will also benefit from direct cash transfer. For the general middle class taxes were revised and pension for unorganised sector among others have been announced.”
This is a budget where the larger community of tax payers are taken into account. The government has taken care of immediate needs. It is not pro big business and pro rich but is for the people, he said.
| JAITLEY PATS GOYAL |
| Union Minister Arun Jaitley today complimented Piyush Goyal for delivering an excellent pro-farmer, pro-poor budget which will also strengthen the purchasing power of middle class.
Goyal, who was given the charge of the Finance Ministry temporarily recently, presented the Budget 2019-20 in absence of Jaitley, who is away in New York for medical treatment. Jaitley said the Budget expands spending while pragmatically sticking to fiscal prudence. |