MSMEs, diamond sector in state will benefit, says GCCI president Patwari

“The Credit guarantee scheme for MSMEs has been revamped that will help MSMEs avail additional finance at lower cost. The revamped scheme will take effect from April 1, 2023, through an infusion of Rs 9,000 crore in the corpus,” he said adding that the R&D grant for Lab Grown Diamonds will further promote Gems & Jewellery business in Gujarat.

Anand Desai, Managing Director, Anupam Rasayan Limited, stated that the company is happy with the announcements made for the chemical sector.

“We are happy with the government’s initiative to exempt basic custom duty on certain raw materials — denatured ethyl alcohol, acid grade fluorspar and crude glycerine that will boost overall production capacity of Indian chemical companies. This exemption in raw materials will enhance the manufacturing and encourage exports of specialty chemicals in the global market,” Desai stated.

However, not everyone in the industry was pleased. Abhishek Gangwal, president of the Federation of Gujarat Industries, said that the industries were “slightly disappointed” over not having Gujarat-specific projects announced in the budget.

Gangwal said, “The budget was quite straightforward and had nothing specific for the industries, but it is fine. The industries cannot expect to have exemptions and special benefits every year. Given that it was the last full budget before the General Elections next year, the government has not made it an impractical one, which is a good sign.”

Adding that the industry is only slightly disappointed that no new projects have been annou-nced for Gujarat or the Western Region, he said, “We are, however, also relieved that there are no major taxes or surcharges levied… It is clear that the government’s focus is on curtailing the fiscal deficit and individual taxpayers have been offered relief, which will also be good for our employees.”

As India assumes the presidency of G20, the budget sets the tone for showing the world that India is a responsible and accountable democracy by ensuring that while we meet the aspirations of all Indians, said Piruz Khambatta, chairman of Rasna Pvt Ltd.

“Be it youth, the rural folks, marginalised women, or the middle class, we are also giving focus to the developmental goals set under G20 and also ensuring that our growth is sustainable by ensuring focus on sustainability issues like green energy etc.,” Khambatta said.

Quantitatively, the budget is in line with the on-going economic reforms, according to Rajiv Gandhi, Chairman of FICCI Gujarat Council.