PANAJI: The Goa Small Industries Association has called the Union Budget budget presented by Union Minister Nirmala Sitharaman as development-oriented and growth driven budget 2023-24
“The Finance Minister, Ms. Nirmala Sitharaman, has presented a development-oriented and growth-driven budget for 2023-24. This is her 5th budget and the last budget before the general elections in 2024. It is an all-inclusive and technology-driven budget,” said GSIA President Damodar Kochkar.
He says the budget 2023-24 has been focussed on 7 priorities: i) inclusive development ii) reaching the last mile (iii) infrastructure and investment (iv) unleashing the potential (v) green growth (vi) youth power and (vii) financial sector.
“On capital expenditure, the Finance Minister has raised the outlay by 33% to Rs. 10000 crores for 2023-24. This will give impetus to overall growth and employment generation. Finance Minister has also extended the facility of an interest-free loan to States on capex,” GSIA President said.
He added the Finance Minister has stayed on the path of fiscal consolidation.
“The fiscal deficit for the year 2023-24 is expected to be 5.9% of GDP, and it is projected to come down to 4.5% in 2025-26. This will create Investor confidence,” he said.
In a big relief to Covid-hit MSMEs, he said, the Finance Minister has announced an infusion of 9000 crores to the Credit Guarantee Scheme.
“This will enable collateral security for 2 lakh crore loans to MSME and increase fund flow to distressed and fund-starved MSME sector. The presumptive taxation limit for small entrepreneurs and self-employed has also been increased. The budget has touched all sections of society with substantial relief in tax rebates to the salaried class and pensioners,” he said.