KOLKATA: Industrialists and chambers have given a thumbs up to the West Bengal budget for 2014-2015.
The Confederation of Indian Industry (CII) Eastern Region welcomed the third budget proposals of finance minister Amit Mitra, describing it as a growth and investment-oriented one. It lauded the state's proposal to allow input tax credit on old plant and machinery used for manufacturing goods. "The budgetary proposals for a large taxpayer unit, a single nodal officer for most of the services and statutory compliance with regard to VAT, sales tax, CST, profession tax, entry tax and e-stamping in property registration deserve praise," said Saugat Mukherjee, regional director, CII Eastern Region.
President Sanjay Agarwal, too, praised it as a pragmatic and bold budget.
According to Patton Group MD Sanjay Budhia, "The state budget focuses on inclusive growth and encompasses equally on all round growth in agriculture, rural development, infrastructure, industry, education and social sector."
Universal Success chairman Prasoon Mukherjee said the reduction in stamp duty by 1% will give a big boost to the real estate sector and in turn, it will benefit the economy through multiplier effect.
Bengal National Chamber of Commerce and Industry (BNCCI) president Dibyendu Basu complimented the finance minister for enhancing planned expenditure for about 15.65% which would help the state grow at a faster rate.
Shreevardhan Goenka, president of the Indian Chamber of Commerce (ICC), feels, "The expected West Bengal GDP growth of 7.6% against the national growth of 4.96% is indeed remarkable. The finance minister has achieved a perfect balance between immediate growth across all sectors of the economy and longer-term investments in infrastructure development and socio economic schemes like the Yuvashree and the Kanyashree."
Bharat Chamber of Commerce president Sajjan Bhajanka said immense opportunities have been created for employment generation and stated that the budget is pro-development and forward-looking.
However, The Bengal Chamber of Commerce and Industries (BCCI) finds the budget to be just above average. "The focus is essentially on the MSME sector and not much on large industries. Nevertheless, emphasis on rural economy is a positive move," said Kallol Datta, president, BCCI.