‘Holistic approach’ of this year’s Budget, feels industry
Kolkata, July 05 (HS): Noted industrialist and Chairman cum Managing Director of Rs 35 crores Genius Consultants R P Yadav fells that ‘a holistic approach has been taken in presenting the Union Budget’ for 2019-20.
“For the first time in the history of India’s Union Budget, It was not only about taking India from 3 trillion USD economy to 5 trillion USD, but giving due growth to every sector like business, corporate, rural, urban, e-commerce, start-ups, NBFC, PSU banks, defense and many others’,Yadav said in a statement today after the budget.
Several initiatives which were proposed in the budget would create jobs opportunities and platforms for 11 million job seekers to help reduce the country’s employment ratio, he pointed out.
Among those initiatives are the Government pension benefits to 3 crore retail traders and shopkeepers who have a revenue of less than Rs 1.5 crore, stress on zero-budget farming as a self-sustainable practice with minimum external intervention, Rs50 lakh crores proposal for improving Railway infrastructure, reduction of GST rate on electric vehicles to lowest 5 per cent and additional income tax deduction of Rs1.5 lakh on interest on loans taken to purchase electric vehicles in addtion to Rs1.5 lakh on loans up to March 31 2020 for buying affordable houses.
But at the same time he felt that the new government had missed out in finding ways to convert informal jobs to formal employment as,according to him,the informal sector of the economy, or grey economy still played a constructive role of the economy which was neither taxed nor monitored by any government.
