Growth-oriented Budget: T.N. Inc.

Futuristic, optimistic, growth-oriented budget with a vision – this is how industrialists and the chambers of commerce across Tamil Nadu termed the 29th Union budget presented by Finance Minister Nirmala Sitharaman on Friday in New Delhi. However, some industrialists said that the budget could have been even better with focus on crucial sectors including education, healthcare and environment.

In a session on Union Budget 2019-20, organised by the Confederation of Indian Industry (CII), Southern Region, in Chennai, Sanjay Jayavarthanavelu, Chairman, CII Southern Region, said the budget outcome was positive and provided a conducive atmosphere for growth of the economy.

According to him, the key takeaways of the budget were measures to address liquidity issues and increased spending in infrastructure and civil aviation.

S Chandramohan, Chairman, CII Tamil Nadu State Council, welcomed the move on sovereign borrowings, which would help the government in laying out adequate liquidity measures. The Madras Chamber of Commerce and Industry (MCCI) termed the budget as “More growth, less hassles, higher social inclusion”.

Its president, Ramkumar Ramamoorthy, said: “It is heartening to note that the Finance Minister has taken the submission of the MCCI to create a development finance institution for long-gestation infrastructure projects. By announcing an investment of ₹100 lakh crore on infrastructure over the next five years, the Finance Minister has laid the platform for significant boost to economic growth, consumption and job creation.”

C.K. Ranganathan, Chairman and Managing Director of FMCG major, Cavinkare, said that the Finance Minister could have done better. “However there are positives such as interest subvention to MSMEs with GST registration, labour law simplification and 25% income tax slab raised to companies up to a turnover of ₹400 crore,” he added.

P. Ravichandran, President, Danfoss India, said that there was increased focus on rural economy and infrastructure investment.

V. Kavitha Dutt, Chairman of the Federation of Indian Chambers of Commerce and Industry (FICCI) Tamil Nadu State Council, said that the focus on MSME sector addressing the core issues of availability of finance and delay in payments by way of announcing the interest subvention scheme for GST registered MSMEs and creation of payments platform to enable filing of bills and payment, is noteworthy.

Kamal Bali, President and Managing Director, Volvo Group India Pvt Ltd, said that a number of futuristic sops have been given to the automotive industry and electric vehicles, to be specific. “I felt that government should have been little more open in supporting manufacturing sector,” he said.

R. Kumar – Managing Director of Navin’s, a realty firm said that the expected rationalisation and reduction of GST allowing input credit has not happened, it is hoped that at least the GST reduction from 18 to 12 % with input credit will be discussed and approved in the ensuing GST council meeting.

R. Ganapathi, president of SICCI, said that the government had rightly focused on e-vehicles, rural empowerment and overall economic development.

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