‘Connecting farmers through digital banks will help them’

PRAYAGRAJ The Union Budget received a mixed response from people in Prayagraj. “Looking at the budget, it seems that the entire focus of the government has been on infrastructure development. Connecting the farmers through 75 digital banks will help them become financially stronger and because of it the markets will look up too,” said Mahendra Goyal, the president of the Confederation of All India Traders (CAIT).

He praised the facility of filing amended returns in income tax but felt that the government should have given relief to the traders too.

“After the launch of digital currency by the RBI, the public will have confidence in crypto currency. But, nothing has been done to reduce inflation. The traders expected some big announcement under GST,” he said. “The fiscal deficit that is the barometer of fiscal health, is still at a serious level and this is an area of grave concern,” head of the Economics department of Allahabad University, prof PK Ghosh said. “The government had committed itself to doubling farmers’ income by this year and over the next three years it is aiming for the ambitious goal of five trillion-dollar economy.”

Vinay Tandon, the president of the Eastern UP Chamber of Commerce and Industry said special attention has been given to infrastructure, digital education, multimodal transport, expansion of highways. He also praised the budgetary provision on 100 dynamic cargo stations, new building bylaws for the development of small towns and applauded steps like tax on long term capital gains up to 15% and review of SEZ Act.

He however described no tax exemption as some of the disappointments.

Federation of Automobile Dealer Association (FADA) president, Vinkesh Gulati described PM’s Gati Shakti national master plan as a “welcome step.” “Steps like battery swapping and energy as a service (EAAS) will surely help accelerate the transition towards clean mobility,” he added. He said ‘Kavach’, a new scheme for supporting the MSME sector will be an additional benefit.