Budget evokes mixed response in Jamshedpur

Budget evokes mixed response in Jamshedpur

Jamshedpur No Comments on Budget evokes mixed response in Jamshedpur 27

Jamshedpur : The traders and small scale industrialists in city have evoked mixed response to the interim budget. On one side they welcomed the proposed measures of the government while in some areas they find government’s move dull and uninspiring.

The Singhbhum Chamber of Commerce and Industry, (SCCI) the representative body of the small and moderate category retail commodity traders in particular has said the Union budget lacks big reforms statement.

Bharat Vasani, secretary (trade and commerce), SCCI said there was a strong feeling that ED ( excise duty) could be brought back to pre recession days. This would keep the prices in check and intermediary small traders like us shall have stability in prices.

He said: “the reduction of ED on passenger cars, consumer durabales and capital goods, is partially welcome. We now hope that the car companies would honestly transfer the entire reduction to the customers. While the reduction in ED on Capital Goods should boost investments. As lack of investments by the industry is one of the major reason for recession.

He said that on the economic side the indicators are extremely encouraging. Fiscal deficit has been kept below 5 per cent at 4.6 per cent.

Another Satosh Garg, an industrialist said that there is hardly anything spectacular on Budget. No big reforms statement, lackluster statement on corruption.

In the interim budget 2014-15 speech Finance Minister Chidambaram reduced the central excise on small cars, scooters/two-wheelers from 12 to 8 per cent. He also reduced the central excise from 30 percent to 24 percent on SUVs, and medium segment sedans from 27-24 percent to 24-20 percent, respectively.

“Jharkhand has been extremely poor in receiving these allocations, and then distributing them to the target citizens,” said a trader

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