BUDGET IS BALANCED STRESSING MORE ON INFRASTRUCTURE SPENDING: CII GOA VICE CHAIRMAN ATUL JADHAV
PANAJI: The overall budget presented by Union Finance Minister Niramal Sitharaman is quiet balanced stressing more on infrastructure spending which is required for the current day. The infrastructure funding is Rs 5,54,000 crores which is a very good target, roads and highways is about Rs 1,18,000 crores, said CII Goa vice chairman Atul Jadhav.
Jadhav said for Swachh Bharat, the Government has allotted around Rs 1,41,000 crores. In the vaccination programme the amount kept aside is Rs 35,000 crores with a provision for additional amount if there is a need. Electrification of Railway broad-gauge line is Rs 1,10,000 crores will help in augmenting the development. For boost of the shipping industry that is for flagging the ships in India; the Government of India has extended a subsidy of Rs 1624 crores and the introduction of a major ports bill which will revamp the operation of the ports and due to signing of the Hong Kong convention the Government of India will invest double in the Alang sector for ship-recycling which will create employment for about 1.5 lakh people. The Foreign Direct Investment in the Insurance sector has been increased from 49% to 74% which is a very welcome step by the Union Government.
For entrepreneur’s single shareholding of a company has been allowed and the Government will invest 20,000 crores in Capitalization in the PSU Banks which is definitely welcome move. Another positive step taken by the Govt is the savings of the people who are abroad and investing in India will not be taxed and is very commendable. Another welcome step taken by the Govt is the no re-opening of the Income Tax assessment of the last three years and will definitely bring in confidence in the assesses”, said Jadhav.