Traders welcome Budget, term it revolutionary

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Traders welcome Budget, term it revolutionary

Saturday, 06 July 2019 | Staff Reporter | NEW DELHI

Traders and experts of various sectors in the national Capital termed the Union Budget a revolutionary document listing much needed priority to business community and small and medium-sized enterprises (SME) sector.

In the Budget presented by the Finance Minister on Friday, they said that the announcement  to provide support to domestic manufacturing and internal trade, affordable housing, promotion of digital payments, streamlining labour laws, establishment of social stock exchange, blueprint for different sectors, convergence of rural India in to modern system, linkage of artisans to global market, strengthening the non-banking finance companies, will prove to be a game changer for national economy.

CAIT National president B C Bhartia and Secretary General Praveen Khandelwal while commenting on the Budget said that the Government has taken very vital steps to streamline the trade and commerce in the Country. “The Budget is growth oriented and focuses towards growth of economy. The payment mobility card and adoption of bank charges for use of debit and credit cards by bank and reserve bank of India will increase the adoption of the digital mode of payment,” they said.

The traders’ body also welcomed the announcement to provide pension to traders on attaining the age of 60 years which was a long pending demand of CAIT.

Dr Shankar Narang, COO, Paras Healthcare said that while the healthcare allocation had been covered in the Interim Budget earlier this year, it is still a little disappointing that there was no new commitment to healthcare in FM Nirmala Sitharaman’s maiden Budget. However, one of the most notable announcements in the budget has been the pledge to establish a National Research Foundation to boost research in all areas, he said, adding “We hope the Government will allocate significant resources through this body towards boosting the field of medical research in India. We also expect the New Education Policy to focus on creating more doctors and specialists in the country by increasing both MBBS and Post Graduate seats in medicine.”

“The focus on attracting investment in advanced technology area is a welcome move. Technology is typically born in Universities in Europe and USA, and then commercialized in China before it reaches India. By promoting advanced technology manufacturing here, India can short circuit this process and attract FDI, especially in the background of the US-China trade war” said Guru Inder Mohan Singh, Director and Chief Operating Officer, Amplus Solar.

“Union Budget 2019 appears to be comprehensive, wide-ranging and balanced with many positives for the economy. However, going forward the Government needs to revisit unfinished agenda such as ‘Priority Sector’ status to Healthcare for smooth credit flow, mandatory universal health insurance, tax incentives for capacity building, creation of a dedicated infrastructure and innovation fund,” said Nathealth president Dr H Sudarshan Ballal.

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