It's growth oriented Budget: FTCCI

Hyderabad: The leaders of the Federation of Telangana Chambers of Commerce and Industry (FTCCI) hailed the Union Budget 2023-24 as growth oriented and emphasized on seven pillars-Inclusive growth-reaching the last mile, infrastructure development and investment, unleashing the potential, Youth Power Financial Sector and Green Growth ensure development of all sectors.

FTCCI Chairman Anil Agarwal said that the budget unveiled by Finance Minister Nirmala Sitharaman made an effortto reach the last mile of society, including tribal communities.

The budget is favourable towards improving the growth of the various sectors of the economy with its special emphasis on the increase in capital expenditure, enhancing expenditure for railways, green growth, focus on youth to bridge the gap between industry and academia, and others. Its stress on all the sectors of the economy will certainly lead to a rise in growth of the country.

Emphasising the focus it laid on the skill of the youth, he welcomed the launch of Pradhan Mantri Kaushal Vikas Yojana 4.0 within the next three years for skilling, alignment of courses in tune with the industry 4.0 needs like coding, AI, robotics, mechatronics, IOT, 3Dprinting, drones, and soft skills, proposals related to direct and indirect taxes, recruitment of teachers and staff for the 740 Eklavya Model Residential Schools and others.

Chairman, Industrial Development Committee, FTCCI, Srinivas Garimella, said that the projection of a fiscal deficit at 5.9 per cent of GDP is a challenging task, however, it needs to be seen how the FM would be able to achieve this.

He said the budgetary allocations to infrastructure for the third year in a row by 33 percent to Rs 10 lakh crore, which would be 3.3 percent of GDP needs to be appreciated. The exemption on reduction of customs duty to boost the domestic industry, credit guarantee scheme for MSMEs and reduction in direct tax benefits can lead to the growth of the Fast Moving Consumer Goods (FMCG) industry. Speaking to The Hans India, he said, "Like every year's budget, this year the finance minister has not mentioned about the disinvestment plan, and due to the reduction in direct and indirect taxes, she may resort to borrowings for the revenue that she forgoes for the dip in tax collection."

Pointing out the same, Prem Chand Kankaria, Chair, Banking, Finance and Insurance Committee, said increase in capital expenditure and reduction in personal income tax, small savings scheme such as, Mahila Samman Savings Certificate are the proposals which need be appreciated.

He expressed happiness over the acceptance of the suggestions made by the FTCCI by the ministry over PAN being made as the sole identifier for all digital systems of specified government agencies.