Jharkhand News: CAIT and Jamshedpur traders welcome Union Budget

PINAKI MAJUMDAR

Jamshedpur, July 23: The Confederation of All India Traders (CAIT) and local traders of Jamshedpur welcomed the Union budget which was presented by the Finance Minister Nirmala Sitaraman in Parliament today.

CAIT national secretary Suresh Sonthalia said the focus has been given to the middle class, farmers, training and employment of youth and support to MSMEs.

“The budget is people friendly and will ensure growth and development of the country,” said Sonthalia in his comments

He pointed out that farmers will benefit from high-yielding crop varieties. “The Rs 1.5 lakh crore for agriculture and allied products will help farmers. Besides this, the announcement of Rs 1.48 lakh crore will help poor students for education. ⁠The industry will benefit by skilling 20 lakh people for 5 years. Big expenditures in infrastructure will support industrialization. Special focus has been given to MSMEs by helping in labour-intensive projects and increasing the credit guarantee scheme from Rs 10 lakh to Rs 20 lakh. Simplification of TDS law is a welcome step. Moreover, no tax on income up to Rs 3 lakh is a great sop for the salaried class,” said Sonthalia adding that overall, it is a good budget which will benefit the middle class, farmers, salaried people, youth and MSMEs.

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Local traders were optimistic about the Union Budget.

“Numerous schemes were announced for rural areas, farmers and youth. An allocation of 1.52 lakh crores. Introducing farmers to natural farming and all-weather crops is another highlight of the speech. Allocating funds for first-time employees will give a big boost to employment and enhance their income too. Introduction of the “E Shram” portal will formalize the labour market, and will provide information to the employer for availability of skilled workforce, ” said Bharat Vasani, a local trader and a former senior functionary of the Singhbhum Chamber of Commerce and Industry.

He went on to say that easy credit facility to MSME is a highlight of this year’s budget.

Moreover, this loan will be supported during a stressed period, like it was done during Covid, to ensure that it does not become NPA, he explained.

According to Vasani, increasing the Mudra loan to two times will be a big boon for the small traders.

“For India to become a superpower, all its states have to work in tandem. They have to contribute in a similar manner. The “Purvodaya” scheme for the eastern states will work in this direction. In her speech, the Finance Minister mentioned working with the states for many schemes. This will give a boost to all-round development of the country. Another welcome step is to reduce custom duty on many imported medicines. Specially 3 Cancer-specific drugs have been exempted from custom duty, giving a big relief to cancer patients, ” he said

He pointed out that probably for the first time, Railways found no mention in the budget speech.

“Overall the budget was on expected lines, and will pave the way for future growth, ” he added.