Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
  • Editorial Calendar 19-20
BW Businessworld

Bengal Inc Welcomes State Budget

'The budgetary impetus provided to the industrial sectors would definitely help them in navigating out of the pandemic hardships successfully,' CII vice-chairman (Bengal) Subhasendu Chatterjee said.

Photo Credit : Shutterstock

1502183688_Nac2uT_Indian-2000-500-ST.jpg

Bengal Inc on Wednesday welcomed the state budget saying it will help money reach the hands of the poor and spur demand but, at the same time, some raised concerns about industrial development and employment.

The West Bengal government tabled a Rs 3.08 lakh crore budget in the assembly for fiscal 2021-22 earlier in the day.

'CII would like to congratulate the state for presenting a forward-looking budget balancing the welfare needs of people and economic well-being of the state.

'The budgetary impetus provided to the industrial sectors would definitely help them in navigating out of the pandemic hardships successfully,' CII vice-chairman (Bengal) Subhasendu Chatterjee said.

Merchants' Chamber of Commerce in a statement said that the budget was on the expected lines of Februarys limited budget, but expressed concern over the issue of industrial development and employment facilitation.

'The budget statement expresses optimism about generating 1.5 crore new employment as suggested in the interim budget of February 2021, even though much has changed since then.

'The recent reporting of unemployment figures as reported by CMIE suggests West Bengal to be currently experiencing record levels of unemployment, largely due to the ongoing economic restrictions,' the statement said.

West Bengal is uplifting the financially backward segment, Emami Group Director Aditya V Agarwal said.

'This (budget) will pump in money in the hands of poor people, which in turn would increase consumption and stimulate demand in the Bengal economy,' he said.

Bharat Chamber of Commerce president Ramesh Kumar Saraogi welcomed the continuity maintained by the state government in undertaking the socio-economic development programmes which is yielding better growth compared to the national average.

'An excellent and well thought out budget which was very much the need of the hour in such a difficult period for our economy. In particular, the real estate sector should benefit substantially from this budget,' Century Ply ED Keshav Bhajanka said.

The real estate sector in the state welcomed the budget proposal to reduce stamp duty by two per cent for registration of deeds and slashing of circle rate by 10 per cent.

'We hope that the move will help boost the demand in the sector in this pandemic situation. The reduction in the rate of stamp duty should help the end-users,' said Sushil Mohta, West Bengal chairman of real estate body Credai.

'The state government's decision to reduce stamp duty by two per cent for registration of deeds, as also slash circle rate by 10 per cent will give a welcome boost to the real estate industry in the state,' Ambuja Neotia group chairman Harshvardhan Neotia said.

Bengal Peerless Housing CEO Ketan Sengupta said the reduction in stamp duty will result in a larger number of registrations happening.

'The 10 per cent reduction in circle rate is also a move in the right direction as more realistic prices will reduce income tax burdens. Overall, these measures will send positive vibes for the real estate market,' Sengupta said.

Mohta said the overall collection of revenues of stamp duty will also go up for the government.

'This announcement of the state government would encourage the real estate sector to launch new projects and infuse fresh investments,' he said. 

(PTI)