Federation of Gujarat Industries (FGI) termed the 2017 budget presented by Finance minister Arun Jaitley beneficial for the medium and small scale industries. Till now small businessmen are not paying tax but now after this budget they will pay taxes. Corporate tax is not reduced as the minister promises but they hope that he kept his promise.
FGI President and businessman Amit Patel said that in budget not everyone’s expectations are fulfilled but in this budget the efforts are there to give life to the down businesses. Tax will be increased and there will be little trouble due to demonetisation but in coming days it will be beneficial.
Amit Bhatnagar said that the budget is good for the real estate. 10 percent tax was there for 2.5 to 5 lakh income group which is now reduced to 5% and a relief to tax payers. Big industries is not benefited from this budget but small scale industries will grow and with this tax will be increased. There is no effect from demonetisation as small people will transaction with cash.
Industrialist K.S. Chhabra said that 90% pharma companies are small and the budget is beneficial. Most important is that AIIMS will come to Gujarat and when the patients came the local pharma companies will also benefit as the sale of medicines will increase. DPCO (Drug Price Control Order) sale control will benefit the common people. He said the small scale industries will loss and if government can make different policies for them then it would be good.
Businessman Janak Sheth said that to present both the budgets is good decision and railway modernisation is a good step. He said with this budget three lakh small industries will benefit in Gujarat and production will increase. Tax will increase and the budget is real and practical.