Industry captains hail state Budget, call it pragmatic and employment-oriented

Terming the state Budget 2023-24, “pro-people, pragmatic and employment-oriented”, the industry stakeholders appreciated the decisions taken by the state government and said that it would lead to a “balanced economic growth”.

Sanjay Budhia, MD, Patton Group said: “The Budget reinforces and reiterates the continued emphasis on employment generation, inclusive growth and on women empowerment. There is a fine balance between the needs of the disadvantaged and opening up of new vistas of attracting private investments in small, medium and large enterprises, which will provide opportunities of creating employment and balanced economic growth.”

He added: “I compliment and congratulate Hon’ble Chief Minister and her team for the pro-people, pragmatic and employment-oriented Budget.”

NG Khaitan, President, Bharat Chamber of Commerce, Kolkata termed the Budget as “pragmatic” and “progressive” with the focus of the Chief Minister, Mamata Banerjee on the social empowerment of children, women and the downtrodden. He said the Budget balances the three critical factors of the state economy – employment, agriculture, and infrastructure, particularly rural roads.

He complimented the efforts of the state government in clocking an estimated GSDP growth rate of 8.41 per cent for 2022-23, above the national economic growth of 6.95 per cent and remarked that despite challenges posed by the pandemic and the headwinds perpetrated by the war in Ukraine, the economy of Bengal has remained resilient due to increased economic activity throughout the year. “In this context, the extraordinary performance of the State’s Index of Industrial Production (IIP) at 7.8 per cent above the national average of 5 per cent is an observable attribute hinting towards its robust manufacturing sector” he emphasised.“The proposals to withdraw the Rural Employment cess on tea, waive the agricultural income tax for tea gardens and continuance of reduced stamp duty for another 6 months are indeed laudable. Besides, ‘Bhavishyat Credit Card’ to provide financial assistance up to Rs 5 lakh would certainly support the aspiring youth generation of the age 18-45 years towards self-employment,” he stated.

Mehul Mohanka, President, Indian Chamber of Commerce and MD & Group CEO Tega Industries Ltd, said: “Taking a firm step towards encouraging the entrepreneurship spirit of the youth, the state Budget has announced a Rs 350 crore startup fund, to extend up to Rs 5 lakh respectively to young entrepreneurs. This will help to broaden the startup movement in the state, which has already attracted significant investments in recent times in IT, Internet of Things and Artificial Intelligence.”