What Industry Think of Modi's Union Budget 2.0
Finance Minister Nirmala Sitharaman presented the Union Budget for 2019 – 2020 in the Lok Sabha. ‘Bahi Khata’ (ledger) has replaced the iconic briefcase to carry the budget papers. The Finance minister’s Budget speech was initiated with the statement “We have set the ball rolling for new India.” Modi 2.0 budget intents to elevate India to $3 trillion economy in this budget’s tenure, at present it is sixth largest economy and held 11th position five years back, and third largest in purchasing power parity terms following US & china. Let us look what the budget has for us all.
Budget proposes to create new payment platform for MSMEs for bill payments, pension benefits extension for 3 crore retail traders with annual turnover less than 1.5 crore under PM Karam Yogi Maan Dhan scheme. Two percent interest subvention for GST registered MSME on new or incremental loans.
Vikram Agarwal, MD, Greendot Health Foods (Cornitos)
Very encouraging budget for SME/MSE sector. With government’s initiative, farm output has increased which leads to promotion of Agri processing industry. We have planned to invest in developing value added healthy agro based products. Another big policy put forth by the finance minister on 'One nation one grid' for easy power availability at one price across states is also very stimulating for the industry.
Minister pointed out the vast improvement of all forms of transport, and the right time for India to venture into aircraft financing, critical for self reliant aviation industry. The government would restructure the national highway program, and the states would be supported to develop state highways. Furthermore government envisions utilizing rivers for cargo transport as this would decongestion roads and railways. Budget proposes 50 lakh crore investments for railway infrastructure between 2018- 2030, more attention to be laid over suburban rail networks, one nation one transport card: similar to debit cards for nationwide travel on various transportation modes such as road, rail, metro and many more.