Budget receives mixed reactions in Mangaluru

Kanara Chamber of Commerce and Industry (KCCI) on Tuesday welcomed e-initiatives in the budget including Digital Rupee, E-passport and Unified Logistics Interface, Digital University and PM E-Vidya.

"We also welcome the business-friendly steps, including the extension of emergency credit line guarantee scheme (ECGC) and battery swapping policy," said KCCI president Shashidhar Pai Maroor.

The cost of logistics in India is around 14% and the GDP compared to the global average is 8%. If the government and industry reduce this cost, it will improve profitability for businesses and India will remain competitive in international markets, he said.

Welcoming the Union budget's big spending on the logistics sector, national highway expansion, Maroor hoped that such spending will include an allocation for better connectivity between Mangaluru and Bengaluru.

Well-known chartered accountant Giridhar Kamath said he will give seven out of 10 marks for the budget.

"It's a budget for digital 'yuga'. No appeasement, not influenced by ensuing elections," he said.

District Small Industries Association (DSIA) President Vishal L Salian welcomed the Centre's move to extend the ECLGS scheme upto March 2023.

The pandemic has derailed the MSME sector, he said and hoped that nationalised and private banks will implement this scheme.

Karkala-based freelance journalist Indira said taxpayers were disappointed as there were no changes in the income tax slabs.

"It's a fact that the huge capital expenditure will create a lot of employment opportunities as an immediate effect and is a big relief for the worst-hit working class. Encouragement to organic farming is a plus point," she said.

Mangalore South MLA D Vedavyas Kamath said the budget is pro-people. By reducing tax on gold, cell phones, clothes, a huge burden has been eased on the shoulders of the middle class.

MLC and District Congress Committee President K Harish Kumar said the budget does not accord priority to any schemes.

"Agriculture and tourism have been completely neglected," he added.

Former minister B Ramanath Rai said the rich are to benefit more from the budget.

Deputy Leader of Congress Legislative Party U T Khader said the budget by institutionalising digital currency is legitimising black money.

"This is the worst budget in 75 years," declared Khader.