Mohali, Panchkula: Union Budget gets mixed reactions from industrialists

The local industrialists said that they had high hopes that the city would get some projects, but that did not happen.

By: Express News Service | Mohali/panchkula | Published:March 1, 2016 3:51 am
Industrialists discussing on budget at CII in sector 31 of Chandigarh on Monday, february 29 2016. Express photo by Jasbir Malhi Industrialists discussing on budget at CII in sector 31 of Chandigarh on Monday, february 29 2016. Express photo by Jasbir Malhi

The Union Budget failed to impress the industrialists in Mohali and Panchkula. The Budget elicited mixed response from industrialists. The local industrialists said that they had high hopes that the city would get some projects, but that did not happen.

Hailing the Budget, president of Mohali Industries Association (MIA) Sanjeev Vashist said that the Budget was focused on long-term goals and it would give a major boost to ‘start-ups’. He said that the new entrepreneurs would get a push.

The former president of the MIA Anurag Aggarwal said that the farm sector would also get a boost and the agri-industry was being given a lot of importance which would help the farmers.

Harjeet Singh, a real estate expert, however, said that the budget was not focused on the needs of the middle class. He said that the cost of construction would go up and make it tough to buy a new house.

The industrialists in Panchkula said that they were happy as conditions for industrial growth would be improved. Many, however, were disappointed over the government’s decision of not changing the income tax slab.

“It is a progressive Budget which will give a boost to the ailing market. Exemption has been given to people buying smaller plots, which is appreciable. But, at the same time, the inflation will also increase, with increase in prices of all commodities and construction material,” said Kulbushan Goyal, Panchkula-based real estate developer.

Terming the budget a balanced one, a Panchkula resident, Swadesh Nayyar said that the budget was positive, however, a common man’s expectations of getting tax rebate had not been met with. “Tax rebate would have been appreciated by retired persons and senior citizens, but increased tax reduction on housing rent is appreciable,” he said.

Highlighting that the Budget was growth oriented, Vishnu Goyal, Chairman, Haryana Chamber of Commerce and Industries, Panchkula, said that a lot of fund was allocated for infrastructural development. “The purchasing power of a common man will increase and it will give a boost to every industry, since the demand has been low in the market. It will benefit even the smallest industries. The litigation-free tax regime will be beneficial. FDI has been given a boost,” he said.

“Industries need consumers and the Budget will provide that by increasing the purchasing power of people. Market mein paisa aaayega,” said councillor C B Goel.

For all the latest Cities News, download Indian Express App

  1. No Comments.