B-day: Industry plays happy tunes

LUDHIANA: Unlike the previous Union Budget, this year Union finance minister Nirmala Seetharaman succeeded in impressing Ludhiana’s industry and trade. Majority of businessmen across different sectors gave thumbs up to this budget and were happy with announcements, especially the rebate in bank loan interest to MSMEs, huge fund allocation for vehicle scrapping policy and boost to infrastructure.Businessmen also hailed the changes to the income tax regime, especially increasing the exemption limit.
Upkar Singh Ahuja, president of Chamber of Industrial and Commercial Undertakings (CICU), said, “Reduction of bank interest by 1% for micro small and medium enterprises (MSME) sector is appreciable as it will reduce the cost of borrowing for the small industry. The major highlight of this budget is increase in the income tax exemption limit to Rs 7 lakh which will prove to be very beneficial for employees and staff working in private enterprises and owners of small businesses too. We are of the view that this budget will give a push to the manufacturing sector and specially the small-scale units.”
Dev Gupta, general secretary of Induction Furnace Association of North India, said, “We welcome the decision of the Union finance minister to allocate more funds for vehicle scrapping policy. This will give a big boost to the furnace industry. Focus on promotion of vehicle scrapping policy will result in huge availability of scrap for the furnace industry and keep rates of scrap in the market nominal.”
Rajnish Ahuja, president, Apex Chamber of Commerce and Industry, said, “Budget 2023 is very well balanced and focus has been given to every sector this time. As far as the industry is concerned, we are very happy that the FM has committed decent spending on expansion and improvement of road and rail infrastructure. This will not only lead to huge reduction in cost of freight, but will also facilitate faster movement of goods in the country. Huge investment in the infrastructure will also boost demand of vehicles and engineering goods which will give huge boost to the MSME industry.”
Jagbir Singh Sokhi, president of Sewing Machine Technology Part Cluster, said, “We welcome the decision of the Centre to launch ‘Vivad se Vishwas Scheme-2’ to settle commercial disputes of the businessmen related to different central departments. We are also of the view that the decision to pump Rs 7,000 crore in the third phase of e-courts project will also help in speedy disposal of the cases which will save huge time and money of the industrialists who have to go through litigation for business purposes.”
O P Bassi, president, Focal Point Phase Eight Association, “Decisions to revamp the income tax regime majorly increasing the exemption limit, reducing the tax rates and surcharges will prove to be of great help not only to industry but also to the government.”