Corporates happy with Union budget

Corporates happy with Union budget

The Union budget is pragmatic and sustainable in the long run, said N Muthukumar, chairman, Confederation of Indian Industries, Mysuru. Focus on Micro, Small and Medium Enterprises, infrastructure and growth is commendable. Abolition of Wealth Tax is also a welcome move, he said.

Visa on arrival for citizens of 150 nations and Yoga included in the ambit of charitable purpose under IT Act, would boost tourism of the region, he said.  

Arjun Ranga, vice-chairman of CII said, infrastructure development of roads and railways would bring Mysuru more to the limelight, where tourism and cottage industries are major revenue generators.

In a release, A S Satish, president of Mysore Chamber of Commerce and Industry, said, the budget laid down road map for all round development and ease of doing business across the country. Decrease of Corporate Tax by five per cent, abolition of Wealth Tax and tax exemption for contributions under Corporate Social Responsibility and other centrally sponsored schemes, were welcome moves, he said.

He also welcomed the proposal for the construction of Indian Institute of Technology in the State. Rs 70,000 crore investment in infrastructure and technology driven start-ups will improve the investment climate and provide job opportunities, he added.

Mere budget speech

M Lakshman, convenor of Association of Concerned and Informed Citizens of Mysore, said, the budget did not announce any projects that would benefit the common man. Importance has only been given to corporate sector and public private partnerships, he said.

“The budget does not have any programme for farmers. This will increase the number of farmers in debt and push them towards suicide. While Prime Minister Narendra Modi had promised to transform Mysuru to Paris, not a single penny has been set aside for the purpose,” he added.