World Trade Centre Mumbai welcomes increase in exemption limit to SME (Small & Medium Enterprises) from Rs.1.5 crore to Rs.2 crores, various measures taken to boost Infrastructure in urban and rural area, widening of duty drawback and 1% exemption in Income Tax to small businesses up to Rs.5 crores constituting the highlights of the Budget, said Vijay G. Kalantri, President – AIAI and Vice Chairman – WTC Mumbai.
Further WTC welcomes 100% FDI in Asset Reconstruction Company and avers that Rs.25000 crores for PSU Bank recapitalization could have been at least Rs.50000 crores in view of the increase in NPA provision. Various new schemes in regard with exemption in Taxation and rationalization of tax laws, as also in regard with excise and customs, and more measures to support exports are welcome. Introduction of E-filing and E-settlement is a good feature and will improve ease of doing business.
The government has increased the outlay for infrastructure and energy sectors to Rs 2,21,246 crore in 2016-17 from Rs 1,80,610 crore in the previous year. This is a positive step to stimulate economic growth.
The Budget proposed to allow 100 per cent FDI through FIPB route in marketing of food produced in the country providing boost to the food processing industry.
Despite increase in expenditures , the fiscal deficit target of 3.5 per cent to GDP will be ensured in 2016-17.
Picture Courtesy: Matt Aiello (freeimages)