GCCI hails Budget 2023

The Goa Chamber of Commerce & Industry, the apex body representing trade and industry in the State of Goa, hailed the ‘First budget in Amrit Kaal ’ presented by Finance Minister Nirmala Sitharaman on 1st February 2023 as a very positive budget which is focused on accelerating the growth of India.

The Saptarishi – 7 priorities announced by the Hon. FM i.e. Inclusive Development, Reaching the last mile, Infrastructure and Investment, Unleashing the potential, Green Growth, Youth Power, and the financial sector encapsulated the theme of the Budget.

The Budget sets the road map for the next 5 years and has made significant allocations to infrastructure building, manpower skilling, green energy, and inclusive development of agriculture, industry, and education.

The increase in capital and infrastructure spending will have a multiplier effect on the economy. The infrastructure boost is going to help in generating employment and will generate a lot of ancillary units to come up.

The revamped credit guarantee scheme for MSMEs will help in industrial growth. The measures such as using digital technology, the unified filing portal, common business identifier, the two Vivad se Vishwas Schemes for MSMEs, and reduction in compliances will go a long way towards Ease of Doing Business.

The setting up of an agriculture accelerator fund to encourage agri-tech startups in rural areas will help the youth and the agriculture sector in a big way.

The raising in the slabs under the new tax regime and the inclusion of standard deductions for the new tax regime boosts the middle and salaried class. The amendments in the limits for presumptive taxation will also benefit smaller businesses and professionals.

The Finance Minister has also recognized the importance of tourism in employment generation. The Last mile connectivity and highest-ever allocation to rail will help tourism. The announcements relating to the setting up of Unity Mall for the most popular tourist destination like Goa will go in a long way to encourage tourism.

Overall the budget is people friendly and meets the expectations of various stakeholders.

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