Bengal budget pro people and growth oriented’say experts

Ankur Bhattcharya ; Kolkata, 10 February: Describing the West Bengal budget for 2020-21 as presented by Finance minister Amit Mitra in the state Assembly here this afternoon as ‘pro people and growth oriented’, leading city based industrialists and various Chambers of Commerce and Industry said sincere efforts had been made to maintain a higher growth trajectory.

Reacting to various provisions of the state budget proposals noted industrialist and President, Bharat Chamberof Commerce (BCC) Ramesh Kumar Saraogi hailed the state government claim of achieving 10.4 per cent GDP growth in the middle of a downturn of the national economy.

In spite of limited resources the Finance minister had presented a ‘balanced budget with great emphasis on reducing compliance burden, disputes, and promotion of self-employment, under very challenging circumstances, he commented.

He said since the State had huge debts in respect of borrowings from the Central Government and market,coupled with the non payment of over Rs one lakh crores from the union government, they ‘eats up most of the States’ tax revenue’ .

Also complimenting Dr. Mitra, Director General of Merchants Chamber of Commerce and Industry(MCCI) Souvik Banerjee said the dynamic efforts of the state government and its forward looking policies had contributed to 3.1 per cent growth in industrial production. It,was possible due to heavy emphasis laid on the growth of the MSME sectors in terms of creation of Industrial Clusters and Parks in the State, he said.

However, pending issues plaguing the existing industrial parks including problems of electricity, land and road construction, needed to be resolved at the earliest, he emphasised.
According to Vivek Jalan,Co Chairperson, Indirect Tax Committee of the Bengal Chamber of Commerce and Industry (BCCI) and senor Partner Tax Connect Advisory Services,the Amnesty Schemes announced for settlement of disputed State Taxes would be a good opportunity to resolve the old issues worth several hundred crores of rupees.

Moreover,he said the scheme ‘Banglashree’ for new MSMEs would boost the morale of small and medium industries. Besides, allocation of Rs. 500 crores for Karma Sathi Scheme would certainly boost the morale of the youth and unemployed sections of the State to become self-reliant.
Also reacting positively, T B Chatterjee another senior member of BCCI said in the context of ailing tea industries, total exemption of Agricultural Tax and introduction of Chaa Sundari scheme for the welfare of permanent workers of the Tea industry were welcome a step in the right direction .