Former Federation for Karnataka Commerce, Chambers and Industries Federation President Sampath Raman opined that the budget is an excellent budget as it emphasises five bold steps to fuel growth to achieve $5 trillion targets.
He also pointed that India can certainly see a golden period of GDP Growth of over 10% per annum, starting 21-22, touching $5 trillion by 24-25 and $10 T by 29-30.
“There could be more guddies in the details or even devils in the details. Eager to wait and see! I congratulate and thank NSji and Modiji for listening to our views to a significant extent,” said Sampath Raman who is also the Chief Managing Director of DPK Engineers Pvt. Ltd.
He pinpointed following major steps taken by the Finance Minister Nirmala Sitharaman to revive economic growth for a Covid-19 pandemic battered country. Also, these steps will also bring back growth momentum.
1. Growth oriented with the highest emphasis on Infrastructure Development in National Highways, Railroads, Metros, Rural and Agricultural Sectors.
2. Long awaited, well deserving justice has been done to higher tax-paying Southern States in terms allocations for National Highways, Metros and Port developments, etc.
3. Increasing Important duties and removing concessions will boost MSMEs’ businesses under Make in India and Atma Nirbhar going genuinely Vocal for Local.
4. Much sought after steel price reduction is ensured with raising of Import Duty on Steel.
5. Fiscal Deficit target of 4.5% though appreciable from the angle of containing Govt. Borrowings and improving Sovereign Ratings, could have been even more relaxed. Risking higher deficit, MSMEs should have been given interest free or low interest (4%) loans, if not the Cash Compensation they deserved for the total loss of business during the prolonged lockdown and thereafter.
6. Right and adequate emphasis on Health and we’ll being, especially with the need for nationwide free vaccination within the shortest possible time.[01/02, 2:58 pm] Sampath Raman:
7. Welcome improvement in Tax Assessment System with faceless assessments and discontinuation of opening and reassessment of cases unless there is proof of deliberate suppression beyond ₹50 Lakhs. Small mercy to Pension earning Senior Citizens exempting them from filing returns (not paying taxes!)
