New Delhi (India), Feb 1 (ANI): Industry bodies on Friday welcomed the Union Interim Budget for 2019-20 and called it a people's budget which will help the economy to grow.
"A lot has been done for farmers and middle-class people," said Chandrajit Banerjee, Director General of Confederation of Indian Industry (CII).
"The implications of this would be very strong in creating the consumption that the economy needs. It is people budget that will help the economy to grow," he said.
The Federation of Indian Chambers of Commerce & Industry (FICCI) said the Budget will benefit at least 15 crore people, including 12 crore farmers and 3 crore salaried class.
It said the Interim Budget provides support to the 95 per cent of workers in the unorganised sector who were left to fend for themselves. The government has proposed to launch a mega pension scheme called Pradhan Mantri Shram Yogi Maandhan for the unorganised sector workers with monthly income upto Rs 15,000.
"The labour in the organised sector which actually may not be less than 5 per cent of the total workforce is a sheltered lot but the rest of 95 per cent were left to fend for themselves," said FICCI President Sandip Somany.
He said that the direct income transfer to the farmers is an excellent step and would benefit the 12 crore small and marginal farmers by giving them Rs 6,000 per year to buy seeds and fertilisers or for the other uses.
The government on Friday announced a new scheme in the agriculture sector which will entail payment of Rs 6,000 annually to each of the 12 crore marginal farmers in the country. The scheme named as Pradhan Mantri Kisan Samman Nidhi will involve an annual outlay of Rs 75,000 crore.
Somany said that the government's proposal to extend interest subvention to the fisheries and animal husbandry is a positive step. "Also the 3 per cent subvention which is proposed to be given on timely submission of loan is a positive step."
Pranab Satya, Chairman of FICCI's Direct Tax Committee, said the move to increase tax exemption limit upto Rs 5 lakh is a welcome step. He said that though the budget has benefitted middle and middle urban class, a lot more requires to be done for the corporate and medium enterprises.
BK Goenka , President of ASSOCHAM said that steps have also been taken to simplify the tax payment system.
"The income tax return would be processed in the record span of 24 hours and the refund amount would be issued simultaneously," said Goenka.
He also appreciated that the Finance Ministry has announced the creation of mega pension scheme "Pradhan Mantri Shram Yogi Mandhan" which would give an assured pension of Rs 3000 per month to a worker from an unorganised sector on completion of 60 years