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24 May 2020, Edition - 1776, Sunday

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Industry Veterans Reinforces Solidarity to Support Interim Budget 2019

Covai Post Network

Offering a plethora of positive announcements the Interim Budget 2019 has undoubtedly turned out to be a morale booster for all the stakeholders of the industry. Now both the consumers as well as the industry veterans are looking forward to the positive effects of the budget provisions percolating down to the grassroots level.


Interim Budget 2019


While the middle class income group, which is the most influential and largest consumer segment, is happy with the huge tax planning incentive provided to them in this budget, the industry captains on the other hand are upbeat about benefitting from enhanced disposable income of households.


Mr. Lakshyaraj Singh Mewar, Executive Director, HRH Group of Hotels said, “Interim Budget 2019 has undoubtedly infused hopes for millions and it must be applauded for the growth oriented approach reinforced in it. While the development of infrastructure has received renewed impetus in the budget, the announcements towards improving connectivity are equally commendable for it will stimulate demand across a broad spectrum of businesses including hospitality and tourism industry. However still, the high GST rate, which has restrained the growth of Hospitality industry, is a matter of huge concern.”


Mr. Rakesh Zutshi, Managing Director, Halonix Technologies Private Limited said, “With middle class with income up to 5 lacs getting a tax break, it will provide discretionary income and hopefully spur consumption and growth. There are also measures to jump-start the real estate business. Real estate being one of the major employers, it may also kick start the jobs creation which has been one of the concern areas. Real estate revival will have a positive cascading effect across industries.” “There are numerous measures for MSME which also are positive for small industries. There is a reason to be optimistic and markets will also gain strength going forward," he added.


Mr. Praveen Khandelwal, Secretary General, The Confederation of All India Traders (CAIT) commented, “With its encouraging provisions, the Interim Budget 2019 successfully addresses the urban-rural imbalance upto some extent while simultaneously incentivizing the urban middle class population by providing more disposable income in their hands. Both these scenarios will together play a significant role in the development of economy and further pave way forward for financial inclusion in the country.However, much focus is also needed for providing a package for trading community encompassing incentives for ease of doing business and encouragement for better business opportunities.


"At first glance, the interim Budget 2019 looks promising particularly for the affordable housing segment. The most encouraging proposal of the interim Budget 2019 is the tax rebate on income of up to Rs. 5 lac p.a. and also other income tax benefits that will empower home buyers with more disposable income to buy houses,” said Mr. Monu Ratra, CEO, IIFL Home Finance Ltd. He added that it will definitely revive the sentiments of buyers belonging to affordable housing segment to firm up their property purchase decisions by availing home finance on the strength of enhanced disposable income available to them. “Also, benefit under section 80-IBA is extended by one more year which will allow developers to claim 100% exemption of profit derived from affordable housing projects. In a nutshell, it’s a budget that will spur the much-needed demand and restore buyers' interest in real estate," he added.


Mr. Pankaj Kumar Jain, Managing Director, KW Group said, “The interim budget 2019 has emerged as a goodie bag for the affordable housing sector which is expected to witness sizeable demand on the back of the most promising announcement of offering tax rebate up to Rs. 5 lakh extending to Rs. 6.5 lakh.” He said that the budget has a few more pro-consumer announcements including the most desired option to claim nil annual value in respect of any two houses declared as self-occupied. Echoing a similar sentiment


Mr. Arjunpreet Singh Sahni, Executive Director, Solitaire Group added, “The budgetary provisions for easing the burden of the upwardly mobile middle class is expected to stimulate real estate demand. The developers as well, stand to benefit from the extension of the exemption period for levying tax on unsold inventories. At a time when the sector is undergoing liquidity stress, the interim budget has arrived as a blessing in disguise.


Healthcare is another segment which has witnessed considerable positive sentiments after the announcement of Interim Budget 2019. Mr. Anupam Ghosh, Director, Anondita Healthcare said, “It’s truly commendable that the interim budget ensures to encourage specific polices to facilitate seamless infrastructure for the growth of the entire healthcare segment. The union government has also given a clear vision towards improving Ease of Doing Business. So, we look forward to gain deeper market penetration on the back of the expected growth momentum to be created by the revolutionary budget.


Mr. Sanjay Gupta, Chairman, Ramagya Group said, "The Interim Budget 2019 is futuristic and growth oriented enabling all the segments of the economy to grow at a faster rate and create employment opportunities for the generation next of the country. We foresee skill development among the youth to get major thrust going forward."


Mr. Anil Gupta, Managing Director, Okaya Power Group added, “With its provisions of incentivising the potential consumers, the interim Budget 2019 looks quite encouraging for the industry. We expect now there will be an immediate revival of demand in the market and the footfall of the consumers is here to increase significantly. With a growth-oriented budget this, the Indian manufacturing sector is here to realise commendable growth ahead. With the tax benefits passed on to the middle class which constitutes the biggest chunk of consumer for majority of the products, shall provide impetus to the market buoyancy.”


Mr. Ajay Singhania, Director, Pringle Homeware Pvt. Ltd. said, “It’s a revolutionary budget that will surely bring about unprecedented buying momentum in the market on the back of growing inspiration and rising disposable income of the middle class. We look forward to most promising scenario emerging for our one-of-a-kind products which combine inventiveness and state-of-the-art technology.” “We believe the interim budget encapsulates a slew of growth oriented measures that will give a major fillip to the industry as a whole. Moreover, the budget has already boosted the sentiments of the salaried class by raising the standard deduction from the current Rs. 40, 000 to Rs. 50,000 which will spur consumption,” concluded Mr. Nitin Agarwal, CEO, Prayag.

Source: Newsvior

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