By Samachar Vishesh
News
Saturday, February 1, 2020
CII Northern Region Welcomes Union Budget 2020-21
Chandigarh, 01st Feb, 2020:- Confederation of Indian
Industry (CII) welcomes the Government of India’s Budget 2020 which dwells on a
roadmap towards building a new and aspirational India, focusing on boosting income and enhancing the purchasing
power of people.
CII is happy to acknowledge that many of our recommendations
have been incorporated in the Union Budget 2020-21. Some of these include
enhancing farmers’ income, availability of piped water for all, balancing the
use of fertilizers, encouraging greater use of solar energy. The abolishment of
the Dividend Distribution Tax (DDT), as laid in the Budget is a welcome step
and also in line with the CII recommendations, which will improve investor
sentiments and make India an attractive investment destination. CII in particular
is happy to note that a number of initiatives have been undertaken for the
startups. Government’s announcement of deferment of tax payment by employees on
ESOPs from startups for 5 years is a welcome step as it will aid to retain
talent as well as reduce financial burden on the startups.
Sameer Gupta, Chairman, CII Northern Region highlighted that the
agriculture sector which is the mainstream of the Indian economy, particularly
in the Northern Region has been given special attention in the Budget. To
address the issues that have plagued the agriculture sector, CII compliments
Hon’ble Finance Minister for announcements such as seamless national cold
supply chain for perishables, setting up of ‘Kisan Rail’ through Public-Private
Partnership, Incentivizing farmers to go solar, addressing water problem among
others. He added that the Budgetary allocation under the lead of agriculture
& allied activities, irrigation and R&D has been increased to INR 2.83
lakh crores, which will be a big game changer for Northern states.
Samir Gupta expressed that Northern Region being a landlocked
area, greater thrust has been given by the Hon'ble Finance Minister on
connectivity, which will greatly ease the movement of goods and people. For
promoting the all-round growth and development of UTs of Jammu & Kashmir
and Ladakh, CII is happy to note that the Union Budget has allocated Rs 30,757
crores for Jammu & Kashmir and another Rs 5,958 crores for Ladakh. CII
looks forward to working with the respective UT Administrations for enhancing
growth.
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