Trade and industry welcome proposals for the agricultural sector

PATNA: Commerce and industry in the state had mixed reactions on the Union budget on Saturday. While some commercial agencies praised the announcements for the agricultural sector and the changes in the income tax slabs, others expressed disappointment at the lower concentration in micro, small and medium enterprises (MSMEs) and cooperative industries.

The president of the Bihar Chamber of Commerce and Industries (BCCI), P K Agarwal, said: We expected special packages for MSMEs and small-scale units.

The Secretary General of the Bihar Business Association (BEA) praised the budgetary provisions for the agricultural sector. “With several expected benefits for the agricultural sector, including solar pumps and cold deposits, we can expect Bihar to grow economically in the coming years. In addition, the initiative to create portals for the much-discussed organic products will help increase employment in Bihar, he said.

In rating the Growth-Oriented Budget, the President (BIA) said that the Budget will have a positive overall impact on several sectors, especially in the agricultural sector. Given the long-term benefits, the Budget would help poor and lower middle class people, who depend mainly on rural industries, he said. But Khetan expressed disappointment at not mentioning the special category status for Bihar, which has been a pending lawsuit from BIA.

Real estate agents, on the other hand, welcomed the budget. The finance minister proposed to extend the date of exploitation of the tax benefit on the interests of housing loans up to Rs3.5 lakh until March 31, 2021. In addition to extending the date by one year for the increased tax benefit for 'houses affordable ', important government Investments have been announced for infrastructure development, including roads, airports and water supply. The simplification of the tax regime is also a big step, said the president of the Bihar chapter of the Builders Association of India (BAI).