-Some expressed displeasure, while others expressed relief
Aurangabad: The Finance minister Nirmala Sitharaman presented the union Budget for the year 2023-24 on Wednesday. The budget focuses on infrastructure, tax relief, agriculture, and social engineering, which delights the corporate companies and common man, but there was nothing specific for the traders and business sector. Aurangabad First spoke to some dignitaries from the trading sectors to know what they think about the budget.
No decisions for traders
The exemption of Rs 7 lakh for income tax in the budget was a relief. However, no beneficial decision was taken for traders. Various schemes were announced for the citizens. The interest rates on business loans were only reduced by 1 percent. There was also no relief in GST slabs. Only companies and the common man were on the agenda this year.
- Sanjay Kankaria, President, Aurangabad Zilla Vyapari Mahasangh
Election budget
The budget only focused on building strategy for the upcoming election. It can be called an electoral budget. A lot was said for the general citizens. But nothing is provided for traders. Banks do not give loans to traders in rural areas. A law is needed for this. We were also demanding some relief in GST, however, there was no relief.
- Jagannath Kale, former president, Zilla Vyapari Mahasangh.
Rise in inflation
Inflation has increased by 25 to 30 percent in the last 4 years. The monthly budget of housewives has collapsed. There was a need to provide some relief to traders, entrepreneurs to file returns by improving the GST portal. But as usual, the highest tax payers are left out of the budget without any inclusions. There could have been more improvements, but in vain.
- Tansukh Zambad, vice president, Marathwada Chambers of Trade and Commerce.
Step towards development
The budget was presented as a foundation for the next 25 years. Everyone has gained something positive from this budget. It is important to channel money in the market from the budget. All sectors should be developed. It seems that a step has been taken for that. We will see development in the coming years. Even the trade community will benefit.
- Adeshpal Singh Chhabra, president, Marathwada Chambers of Trade and Commerce.