Hubballi: The Karnataka Chamber of Commerce and Industry (KCCI) welcoming the Union Budget has termed it as “pro-development” aimed at helping everyone.
The KCCI said the Union Budget had plans to check effectively tax evasion through various measures. Demonetisation was one such measure. The budget had also plans to give impetus to Gross Domestic Production (GDP), the release said.
The KCCI said rural development and eradication of poverty would become easy now as the Centre had taken adequate measures for these two sectors. Setting aside Rs. 10 Lakh Crore to double the income of farmers would go a long way in bailing out farmers who had been suffering due to price rise and crop loss.
Saying that joining the railway budget with the general budget was a welcome development, the KCCI said, the Centre’s plan to fix lifts and escalators at 500 railway stations would help rail commuters, especially aged people, women and children a lot. Providing passports through the Post offices was also a good measure, it said.
Bringing down tax from 30 percent to 25 percent for those companies which have the turnover of upto Rs. 50 Crore would encourage the industrial community. The budget had earmarked ` Rs 64,000 Crore for road development, it said.
Bringing down individual income tax from 10 percent to 5 percent for upto Rs. 5 Lakh earnings would definitely help the salaried class, the release said adding that the Union budget encouraged setting up of new industries and creation of more job opportunities.
