Budget ‘Bonanza’?: Delhi traders term Budget as a progressive economic document

New Delhi: Lauding the Union Budget for 2023-24 presented by Finance Minister Nirmala Sitharaman in the Lok Sabha today, traders of Delhi have termed it as a “progressive economic document”. They said that with seven priorities in the Budget, the Finance Minister has tried to create more demand across the Country which will be advantageous to the trading community directly or indirectly.

Traders further said that the Finance Minister has given ample scope to create more and more entrepreneurship in the Country. On the other hand creation of 5 tax slab in Income Tax and declaring tax exemption upto 7 lac is a good step.

Also read: Budget Buzz: Expectation of 7% GDP, a strong indication of a robust growth story

Sharing his views on the Budget exclusively with CitySpidey, Praveen Khandelwal, Secretary General of the Confederation of All India Traders (CAIT) said, “The Union Budget is a comprehensive and progressive economic document which ensures development of each and every sector in a structured way and provides ease of doing business to traders, ensuring robust growth in health sector and other services.” 

“Efforts to benefit the small manufacturing units will  leverage the trading sector since the manufacturing goods and consumable income will come to economy and therefore will meet the current challenges of financial liquidity in the trading sector,” said B.C.Bhartia, National President of CAIT.

Khandelwal said against heavy odds and domestic and global challenges, the Budget has set future agenda of defined growth of the Indian economy as envisaged by Prime Minister in a most impressive way.

“However, we regret that nothing concrete announcement has been made regarding simplification & rationalization of GST tax structure which is far away from “one market-one tax” principle and has highly disappointed the business community,” traders said.

They opined, “From the point of view of economy, it is a visionary Budget. In totality, the Government has come out with a best possible Budget under the backdrop of COVID pandemic. We congratulate Finance Minister Smt. Nirmala Sithraman for providing the Country a definite roadmap for a robust and well defined growth of India in future.”