2019-20 budget will generate strong Domestic demand: feel experts

 Kolkata,10 July (HS) :The Union budget proposals for this year(2019-20) for an additional deduction of  Rs 1.5 lakh on interest on home loans ‘will certainly generate a strong demand in the domestic market’ leading to an all round economic growth.

This view was expressed here today by a panel experts during a symposium on Union Budget for 2019-20,organised by Calcutta Chamber of Commerce(CCC).

Initiating the discussion,Bishwanath Jha,IRS, and Principal Chief Commissioner of Income Tax,felt that this budget had a lot to focus on higher education, skilling and start ups which would help in job creation both in manufacturing and service sector which would in turn boost the economy.

Underlining the multiple initiatives which had been proposed in the budget,he felt that it would double the farmer’s income through various initiatives such as creation of 10, 000 new farmer producer organizations to ensure economies of scale for farmers over the next five years.

Also speaking on the occasion well known Chartered Accountant Ram Krishna Agarwal said the proposal to introduce Study in India  would position India as a prime destination for higher education among students abroad and it would

open doors and opportunities for further higher education in India.

 According to him ,the budget brings in important announcement to encourage more foreign direct investment, to help further opening up of some of the sectors for FDI such as aviation, media, insurance, while at the same time local sourcing norms were likely to be eased in respect of FDI in single brand retail trade.

On the customs side it seemed the changes in custom duty on raw materials and capital goods were principally aimed at encouraging the ‘Make in India Initiative’,Agarwal quoting from an earlier comment of Jha said.

The government’s commitment to inclusive growth was manifested in the increased allocation to the social sectors.This was intended to narrow the gap between rural and urban India and bring in more equitable growth for all, he said.

Among others Saurabh Kedia renowned Tax consultant and CCC President Om Prakash Agarwal  also spoke at the session and felt that the whole exercise was an opportunity for the Union government to unfold its economic policies for some path breaking measures for a sustainable and growing economy.

The budget seeks to build on the theme of an expansive, high growth framework that will benefit large section of society, they pointed out.