Federation of Indian Industry
Today, The Federation of Indian Industry termed the budget presented by the Finance Minister as a feather-wing budget for the country’s economy. Deepak Jain, Director General, Federation of Indian Industry, said that the budget presented by the Finance Minister is the first digital, paper-less budget, in the history of India and applauded the Aatmanirbhar Bharat campaign launched by the Hon’ble Prime Minister.
On the budget, Deepak Jain said, the provision made by the Finance Minister for 7 mega textile parks in the next 3 years will give a biography to the Textile Industry while the hike in Infrastructure and Defence budgets will further benefit Indian industries. He said, the government is also going to ban the import of certain Defence items that will foster the manufacturing of those within India, moreover the Indian industries will be able to export defence parts in the coming time.
Shri Deepak Jain also described the facilitation of capital gains for start-ups as a good step.
He said in the last few years, there has been a huge problem of pollution around big cities, especially in the winter months. The government has allocated Rs.2,217 crores to keep the pollution levels in check. Deepak Jain said the relief given by the Finance Minister to companies in tax assessment was 6 to 10 years in the first assessment, however, now it has been reduced to 3 years on tax evasion up to 50 lakh, with the permission of the principal Chief Commissioner. In this case, the records of up to 10 years will be reconstructed. Mr Jain also said that the funds would benefit the agriculture industry, help increase the income of farmers, and promote new farming technology.
Shri Deepak Jain commented that the government’s launching of the scrap policy is a great step that will provide some price for scrap cars and also appreciated the plan to set up an automated scrap centre.
Lastly, he concluded by praising the announcement to enhance the budget for skill development, which will be a meaningful step towards the development of industries and workers.