‘IT IS A FUTURE-FOCUSED INDIA BUDGET’- KANARA CHAMBER OF COMMERCE & INDUSTRY (KCCI) PRESIDENT GANESH KAMATH
Mangaluru: The budget speech looked like an excellent blueprint despite poll year pressures to give a good road map for the future of our country. KCCI keenly observed the budget announcements on the Saptha Rishi theme which will positively impact the Economy of our region. KCCI of immediate interest to the region has shortlisted the following initiatives:-
1. The budget has made a provision for Rs 6000 crores under a new sub-scheme- PM Matsya Sampada Yojana.
2. The Capex in Infrastructure development has been increased by 33% over the last year’s budget which is 3.3% of GDP aggregating to Rs 10 Lakh crores. KCCI urges this outlay to address Mangalore’s connectivity issues, especially with Bengaluru.
3. Coastal shipping for Passengers and Transport being considered a priority under the Budget is a welcome move.
4. KCCI appreciates tourism development initiatives like the promotion of Indian Domestic Tourism and also promoting the same through Tourism Experience Apps.
5. Ease of doing business has also been addressed by reducing 39000 compliance procedures, and 4300 Legal provisions are de-criminalised.
6. KCCI welcomes the move to reduce customs duty on Marine products and Shrimp feeds.
7. KCCI appreciates relief provided to MSMEs through two schemes of Vivad Se Vishwas on Covid-related MSME Disputes and Contractual disputes with Govt undertakings.
8. KCCI appreciates the funding of Rs 9,000 crores for the MSME Credit Guarantee scheme which will contribute to the additional collateral-free credit to the extent of Rs 2 Lakhs crores.
9. KCCI appreciates the focus on Start Ups, Youth Power and Women Entrepreneurship by launching various schemes for empowerment of this sector.
10. KCCI welcomes the move to incentivize the MSME Sector. Now expenditure will be allowed as a deduction on actual payment to the MSME units.
While the budget document looks well thought out with good focus areas and ideas initiatives for future development, the final test will be in its implementation and benefits reaching the grassroots. KCCI will keenly work on involving in the implementation of these ideas and initiatives and benefit reaching our Dakshina Kannada district.