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Budget holds promise
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Bikky Khosla | 15 Jul, 2014
The Budget 2014-15 was presented last week and it is encouraging to see that several issues of great economic importance have been set as priorities by the government. Fiscal prudence, infrastructure development, better investment environment, manufacturing and exports growth - all these are need of the hour and the Budget addresses these issues. No doubt, for some the Budget falls short of expectations, but considering the current economic challenges and constraints, most of the proposals seem realistic and robust.
The infrastructure sector remained neglected for a long period of time and it is a great relief to see that this time the sector got an uplift in the Budget. Measures like raise in Rural Infrastructure Development Fund by an additional Rs 5,000 crore, allotment of Rs 500 crore for Deendayal Upadhayaya Gram Jyoti Yojana, Rs 14,389 crore for Pradhan Mantri Gram Sadak Yojana, Rs 2250 crore for border infrastructure and Rs 500 crore for scientific warehousing, etc. will certainly help reviving the ailing infrastructure of the country.
The Budget has also laid down a road map for creating a better environment for investors. Besides raise in FDI limits in insurance and defence manufacturing, the proposals to introduce uniform withholding tax for external commercial borrowings, expansion of tax holiday to the power sector, permission of tax pass-through for real estate investment trusts and infrastructure trusts, etc are some welcome proposals that are likely to contribute to the cause of creating an enabling investment environment.
The micro, small and medium enterprise (MSME) sector will also gain from the Budget. The proposals for introduction of an easy exit policy for small businesses, redefinition of the sector, establishment of a Rs 10,000 crore fund to attract private capital, allotment of Rs 100 crore for rural start-up entrepreneurship and Rs 200 crore for scheduled caste entrepreneurs, setting up of six textile mega clusters, etc carry good news for the sector, but needless to say, they are not enough. I hope the government will take some concrete steps in the coming days to help MSMEs get rid of the lingering challenges like lack of finance, high interest rates, red tape and poor implementation of the MSME schemes.
As far exports in concerned, the emphasis on more involvement of the states is very positive. I raised this issue earlier and always believe that without active participation of all the states we can never explore our true export potential. In addition, the proposals for extension of 24X7 customs clearance facility to 13 new ports, single customs window for EXIM trade are encouraging, but again they are not enough. The sector needs much more support in terms of finance availability, market access and marketing assistance.
I invite your feedback.
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Budget proposals for MSME
PREM KUMAR GARG | Fri Jul 18 09:38:56 2014
Dear Sir,
MSME Sector is suffering because of draconian laws (viz DRT Act and SARFAESI Act). These laws have become all the more obnoxious with laxity of DRT against defaults by bank managers. These managers therefore are able to get away with all there actions which exceed even the provisions of the Act. Most of the time it is being done for their personal benefits.
The courts do not favor Delayed Payment Act also even though it is mandatory.
P.K.Garg
Government's Support for Schedule Caste Entrepreneurs
Senthil Kumar | Wed Jul 16 13:40:37 2014
Good that Government has allocated Rs 200 crore for scheduled caste entrepreneurs. If Government can clearly define and publish the set of Rules and Regulations for Schedule Caste Entrepreneurs to utilize this facility, it will be better. Even though Government is creating opportunities the red tap and complicated rules and regulations, discourages Schedule Caste Entrepreneurs.
And Customs Department, Regional Transport Offices are the most corrupt at present. If both these activities are made on-line, it will reduce the bribery and corruption.
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Re: Government's Support for Schedule Caste Entrepreneurs
vijay | Thu Jul 24 07:35:52 2014
India will not grow if it makes such an allocation for each caste. Already the allocation system leads to bad economy and social activities.
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Budget 2014
Grassy Hollyoak | Wed Jul 16 05:07:19 2014
It is one thing to allocate monies to various causes; it is quite another to see all of it reach its designed and desired destination. Solution? Unless ALL politicians are treated equally with all of the nations citizens and they can be hauled to court for misappropriation, corruption, nepotism, fraud and every crime they blatantly commit, the nation will never recover from the downward spiral. JAI HIND!
North Easr India
Basamlu Krisikro | Wed Jul 16 02:38:24 2014
Sir,
You did not mention anything pertaining to North East Region of our country.
Please throw some light on how the small farmers,growers and producers of this land locked and remote area people will be benefited from the this budget.
Thanks
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