TN industry leaders react to Union budget

The interim union budget tabled by Minister Piyush Goyal in Parliament on Friday has evoked reactions from industry leaders in Tamil Nadu. Dr Prathap C Reddy, Chairman, Apollo Hospitals Group said it as a forward-thinking budget with a definitive vision to accelerate much greater progress and enhance wellbeing of Indians and the allocation of Rs 6,400 crore for Ayushman 
Bharat was welcome.

"Now it is paramount that India ramps up its efforts to arrest the upsurge of non-communicable diseases (NCDs), which are increasing like an epidemic," he said in a statement. South Indian Chamber of Commerce and Industry (SICCI)  termed the budget as transformational and growth oriented and said the announcement and the vision would trigger the 
economic growth.

It said that the budget has rightly covered each and every sector of the economy. "The financial package for farmers, the Pradhan Manthri Kisan Samman Nidhi Scheme under which each farmer would receive Rs.6,000 per year directly in their bank account were a step in the right direction."It welcomed the government’s intention of procuring 25 per cent from the MSME sector and three per cent from Women SHGs in the MSME sector.  Sundaram Home Finance Managing Director Srinivas Acharya said capital gains relief for sale of houses by investing in two houses was a welcome move and extension of the tax benefits to builders on affordable housing by one more year was a positive development for the real estate sector.

Jithendra Vummidi, Managing Partner, Vummidi Bangaru Jewellers, said the tax exemption offered to those earning less than Rs five lakhs would enhance the spending power of the middle class. "It was nice to learn that the Government is working towards Digital India that reaches every citizen by creating innumerable start-ups and jobs", he stated.

Union budget, Piyush Goyal