UNION BUDGET 2014-15 TO PUT INDIA ON GROWTH TRAJECTORY: PHD CHAMBER

By 1 2 1 News Reporter

Chandigarh 10^th July:- Terming the Union Budget, 2014-2015 to be forward looking, growth oriented and positive, R K Saboo, Past President, PHD Chamber of Commerce and Industry said, that definitely, a roadmap has been laid down towards putting India back on the growth trajectory.

The Budget is encouraging on building consumers', investors' and general confidence and aims at enhancing growth, creating additional employment opportunities and containing inflation with the desired focus on garnering much needed investments, both public and private, said Saboo, emphasizing that it is high time to change from policy making mode to implementation mode.

R K Saboo Saboo said the special emphasis on social sectors like minorities, health, girl child, women security, minorities, disabled as well as education, agriculture, rural sector, skill development, entrepreneurship encouragement schemes and job creation promises progress in coming times. The focus on manufacturing revival, tourism, banking and finance, and foreign direct investments are inspiring and would go a long way to rejuvenate the economic growth, going forward.

Showing satisfaction and jubilation on the inclusion of Amritsar Kolkata industrial corridor in the master plan, Dalip Sharma, Director, PHD Chamber said, that a much awaited wish of the industry in the region has got fulfilled. With the development of this corridor, not only the industry here, but the region also shall get an unprecedented and much required impetus.

Dalip Sharma welcomed the announcement of one IIM for Punjab and Agriculture Technology Upgradation Center coming up at Mohali.  The much expected enhancement of the income tax limit from Rs. 2 lacs to Rs. 2.5 lacs, enhancement of investment limit under Section 80C from Rs. 1 lac to Rs. 1.5 lacs and enhancement of rebate on investments in self owned house from Rs. 1.5 lac to Rs. 2 lac would restore consumers' and investors' confidence and propel growth, said Sharma.

Ashok Khanna, Past President, PHD Chamber said that the 10 years tax holiday for undertakings that generate and transmit power is appreciable. Investment allowance of 15% to manufacturing companies investing Rs 25 crore in plant and machinery would accelerate capital investments and propel manufacturing growth.

Vikram Sahgal, Chairman, Chandigarh Committee, PHD Chamber said that focus on GST implementation and discussions with state governments in this regard are encouraging. We believe, GST will streamline the tax administration, avoid harassment of the business and result in higher revenue collection both for the Centre and the States, said Focus on industrial infrastructure with the plan to establish 7 industrial cities in India would enhance industrialization and create employment opportunities in the economy.