Comments on Budget 2017 from Mr. Deepak Chiripal, CEO, Nandan Denim Ltd

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Mr. Deepak Chiripal, CEO, Nandan Denim Ltd

 

“An inclusive budget with a clear focus on agriculture, infrastructure, digitization and employment generation.

 

Medium and Small Enterprises (MSMEs) are the backbone of the industry and generate the maximum employment. Tax cut for the MSMEs with an annual turnover of Rs 50 crore is a welcome gesture and will drive the growth engine as most of India's companies will get this benefit of 5% tax reduction which will be a relief for them.

 

Labour reforms was much sought demand and budget announcement will definitely help foster a conducive labour environment leading to harmonious labour relations which will further lead to higher productivity.

 

Textile industry is one of the largest employers in India and contributes about 14% to industrial production, 4% to the GDP and gives direct employment to around 45 million workforces.

 

 

Expanding tax net by increasing tax limit slab up to Rs 5 lakh will give more money into low-medium income groups. This move will give more money into hands of such people which will trigger more demand in markets. After short term sluggish demand due to demonetization, this will surely help to boost the market sentiments.

 

Considering the benefits provided to the poor including affordable housing, it is a good budget for the poverty stricken as it mainly focuses on the rural economy.

 

Government has increased allocation to Prime Minister Employment Generation Scheme by 3 times which will definitely help to achieve employment generation targets. Abolition of FIPB (Foreign Investment Promotion Board) to ease flow of FDI is a good move which will reap good benefits as it will speed up the process.”

 

 

 

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