Indore, Jul 23 (PTI) Businessmen and industrialists in Madhya Pradesh were largely positive about the Union Budget presented by Finance Minister Nirmala Sitharaman on Tuesday, saying it will give a new boost to micro, small and medium enterprises (MSMEs) and help achieve the goal of a self-reliant India.
The Budget will strengthen MSMEs, and they will be able to give tough competition to China in the international market, Yogesh Mehta, president of the Association of Industries Madhya Pradesh, an organisation of the MSME sector, told PTI.
He also praised the proposal to allocate Rs 1.48 lakh crore for education, employment and skill development, calling it a "historic allocation" for these sectors.
Sitharaman has announced income tax relief for the middle class, a Rs 2 lakh crore outlay for job creation schemes over the next five years, allocated Rs 1.48 lakh crore for education, employment and skilling and provided credit support to small and medium businesses and raised small loans to Rs 20 lakh for small business.
Ashish Vaish, chairman of the Madhya Pradesh unit of the Confederation of Indian Industry (CII), said that the Budget underscores the government's unwavering commitment to achieving the vision of a "Viksit Bharat".
It is inclusive and addresses the needs of all segments of society, ensuring that every class benefits, he said.
"We are confident today's announcements will significantly expedite our journey towards an Atmanirbhar Bharat. The Budget also emphasises the importance of skilling and capacity building, aligning with our goal to equip the workforce with the necessary skills to drive innovation and growth," Vaish said.
The Pithampur industrial organisation, which represents 1,500 small and big industries in Pithampur, the largest industrial area of the state, also lauded the Budget.
"Special attention has been given to the development of the MSME sector, employment and internship opportunities to the youth, which is a welcome step of the government," said Gautam Kothari, the organisation's president.
Ramesh Khandelwal, president of the Ahilya Chamber of Commerce, a federation of business organisations in Indore, termed the Budget "normal".
"The business world was expecting big income tax relief and a simplified Goods and Services Tax (GST) system. It is disappointing that this expectation was not fulfilled," Khandelwal said.
Confederation of All India Traders (CAIT) National Vice President Rameshchandra Gupta claimed small traders have been struggling with the complexities of the GST system for a long time, but the Budget has not given any solution.
Gupta, however, welcomed the provision for doubling the loan limit under the Pradhan Mantri Mudra Yojana to Rs 20 lakh and strengthening the infrastructure. PTI HWP ADU MVG ARU