New Delhi, Feb 1 : The Union Budget is a comprehensive document which will not only boost the income but will also enhance the purchasing power of the citizens which in turn will bring much awaited cash liquidity in the market, said Confederation of All India Traders (CAIT).
CAIT national president B.C.Bhartia & Secretary General Praveen Khandelwal said that the announcements made in the budget if put to implementation in a strategic manner with a defined time frame will certainly lead India to a 5 trillion economy.
The budget will promote more exports which will gain more share in global market space and consolidate Country's position at global level. "The Government has taken very vital steps to streamline the trade and commerce in the country. Providing support to domestic manufacturing and internal trade, affordable housing, promotion of digital payments, streamlining labor laws, vision to create each District as a Export hub is a unique concept which will certainly not only boost the exports but will also give bigger exposure to our artisans and small industries," the duo said.
The trade leaders said that strengthening the Non Banking Finance Companies are one of the important announcements of the budget which will prove to be a game changer for national economy since NBFCs are major lending agencies to small businesses. "Increase in Tax Audit limit from 1 crore to Rs.5 crore is a much progressive step and the commitment of the Government to curb tax harassment is highly appreciated," they added.
"Announcement to curb imports in textile sector and enhancing duties on footwear, furniture etc will give a boost to domestic trade and small industries. Gatiman QR code for generating invoices is also a welcome step which will curb informal business," the duo said. They said that CAIT stands in solidarity with Government for its efforts in streamlining the trade and commerce in the Country, widening the tax base and yielding more revenue to the Government. (UNI)