Hindustan Chamber of Commerce ( HCC ) welcomes the Growth Oriented Union Budget 2023!

HINDUSTAN CHAMBER OF COMMERCE welcomes the Growth Oriented Budget announced by the Hon’ble Finance Minister, Government of India.

With substantially higher CAPEX allocation leading to multiplier effect, the budget aims at a higher GDP growth and employment creation.

The move to extend the revamped credit guarantee scheme for MSMEs and relief to Covid affected MSMEs are in right direction and shows the sensitivity of the Government towards them.Reduction of 1% interest for MSME will further boost MSME growth and also allowing the payment to MSME as “Allowable Expenses” only when Actual payment made by corporates is a welcome step as it will enable the big companies to honour their commitments.

Reigning in the fiscal deficit under control and to bring it on track is highly commendable effort on the part of the Government.

Coming to specifics:
Unified Filing System in a common portal for various Government Departments would facilitate Ease of Doing Business.

The budget addressed the concerns of various stakeholders particularly the middle class by rationalising the tax slabs and increasing the basic exemption limit under the new tax regime, apart from increase in the Standard Deduction and threshold limit of leave encashment for Retirees.

Senior Citizens who are affected by the perils of inflation on one hand and lower interest rates on other hand will now be immensely benefited by the substantial increase in the maximum investment limits in case of Senior Citizen Savings Scheme and Monthly Income Scheme.

Another milestone initiative is the National Digital Library for Children and Adolescence and efforts for spreading financial literacy, through National Book Trust in regional language at Panchayat level.

Agri Accelerator Fund for agritech Start-ups by young Entrepreneurs from rural areas is appreciable initiative to bring the nextgen into agritech domain to improve productivity and use modern techniques.
National Data Governance Policy will enhance the operating efficiency in finance and banking sector and less burden to the finance sector.  Personal data protection will also given importance instead of providing copies all important documents.

Reducing customs duty from 21% to 13% (except Textile and agri products) is a welcome step to boost the value-added industrial sector.

Increase in capital sector expenditure will boost the economy and attract investments.

Simplification of 39000 procedures will increase the Ease of Doing Business.

Assigning 100 Joint Commissioner Level officers for Appeals in Taxation is a welcome step to reduce litigation – which our Chamber have been requesting for in the recent past.

Graded settlement of Redressing of Grievances in IT a bold step.

Empowering SEBI to award degrees and certificates through NISM will focus the requirements for the already skill shortage Securities Market. Efforts to have a risk based KTC is also a welcome measure.

Integrated IT portal for IEPF will enhance those to claim back their shares and dividends without much difficulty is the need of the hour and the budget addresses this concern, as the existing process is cumbersome.

V. NAGAPPAN, PRESIDENT HINDUSTAN CHAMBER OF COMMECE

Amendment to Banking Regulation Act , Banking companies Act and RBI act to be studied as details are yet to be received.

PAN a common identifier in law is taken with mixed reactions as what happens to AADHAR – having all biological identifier features. Details awaited and will comment later.

 

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