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Bangalore Chamber of Industry and Commerce terms the Union Budget as a "Promise for revival of consumption and sluggish economy", February 01,2020

The Bangalore Chamber of Industry and Commerce (BCIC) termed the Union Budget 2020-21 as a “Promise for revival of consumption and sluggish economy” as the Finance Minister, Smt. Nirmala Sitharaman today in her budget presentation announced historical reforms pertaining to agriculture, education, taxation and industry.

The agricultural sector is expected to see tremendous growth supported by the 16-point structure presented in this year’s budget. This comprises of plan for reduction in water stress in over 100 locations pan India, avid solarisation, maximum usage of organic fertilizers, Kisan Rail, Krishi Udan, Horticulture boost, Blue Economy etc.

The education system will also see growth in the form success of Beti Bachao Beti Padhao Yojana, online education degree system in place, internship programs for engineers and many other promising reforms for apprenticeship and diploma courses.

Hopes for citizens of Karnataka was established through the central government’s promise to extend financial support for the Bengaluru Sub Urban Railway and for completion of the Bengaluru- Chennai Expressway.

Tax payers, both Individuals and corporates will receive respite from the tax burden as per the Union Budget of 2020-21 in the form of reduction in tax slab for individual tax payers and removal of Dividend Distribution Tax (DDT) levied on corporates prior to this, along with presentation of simplified tax structure with lesser litigations.

MSMEs can also look forward to benefit from e-market place working on single platform for exchange of goods, restructuring of debt structure of RBI, proposal for increase in the turnover amount to 5 crores for audit purposes and much more.

Mr, Devesh Agarwal, President, BCIC in his statement said that “It's an aspirational H-E-R Budget based on crucial concerns viz. healthcare, energy and rural development. The monetization of 7000 kms road and the promise for development of Bengaluru Chennai Expressway is a new high for the infrastructure sector. BCIC also mooted the proposal for a commuter rail 20 years back has been mentioned in the budget which is a sign that the voice of BCIC and Bengalureans is beginning to bear fruit.”

Mr. T R Parasuraman, Sr. Vice President, BCIC shared his views on the budget saying, “This budget is a fantastic balanced budget catering to the poor man, middle man, the corporates and ensures economic revival for the country as a whole just when the country is going through an economic crisis.”

Mr. K R Sekar, Vice President, BCIC expressed his views on the budget as well saying, “Smt. Nirmala Sitharaman has taken measures to counter the scepticism and negativism prevailing in the current economy and I commend her for making this year’s budget as a detailed one and not just a flamboyant one.”