Indian Chamber of Commerce (ICC) would like to present its highest compliments to Finance Minister for presenting a Bold, Growth oriented and historic budget in many ways. By increasing Capital Spending by 34.5% over last year at Rs. 5.54 lakh crore, this Budget aims at Demand Driven Recovery in Output and Employment, the need of the hour.

ICC compliments Government for keeping higher fiscal deficit target of 9.5% this year and 6.8% for next year which would be funded through borrowings and disinvestment. Industry would like to thank FM for keeping the taxes more or less unchanged during these trying times. The budget lays strong emphasis on Ease of Doing Business, reduced compliance, Transparency and Trust which is much needed at this time of economic crisis.

This is a budget for a Healthy India with a strong Infrastructure and Industry. Rs 64,180 crore would be spent on Healthcare over 6 years with additional Rs. 35,000 crore on Covid Vaccine in Fiscal Year 2021-22. Roads and Railways have received Rs. 2.28 lakh crore in FY 21-22. Swachh Bharat 2.0 with an outlay of Rs. 1.41 lakh crore would be implemented over 5 years. Jal Jeevan Mission for clean water would get a support for both urban and rural areas.

ICC compliments the Government for specific support to Textile, Housing, Fishing, Tea, Agriculture, Energy and others and the PLI Incentives of Rs. 1.97 lakh crore for new Investment. The Budget is in line with Atmanirbhar Bharat Vision of Hon’ble Prime Minister Shri Narendra Modi. In line with the vision, the budget proposes PLI, rationalization of customs exemptions and raises duties on products which can be manufactured in India. Al the same time ensures availability of raw materials for Indian Industry.

ICC welcomes measures like announcement to form an Asset Reconstruction & Management Company; Institution to deal with for NPA/Bad Loans, Decriminalization of provisions related to Limited Partnership Act. Revision of Small Industry Definition – Paid up capital 2.0 Crores & Turnover limit revised. All these will boost liquidity and reduce compliance burden.

Govt.’s commitment to fast track privatization, disinvestment and monetization of unused assets is praiseworthy. ICC feels it is an All Inclusive budget and addresses the needs of all segments of society and economy. A significant humane face is Income Tax Relief for senior citizens aged 75 and above.