Pune: Hopes pinned on tax relief, reforms & push to Smart City

Be it industrial, IT or real estate sector, common man awaits FM’s verdict.

Written by Partha Sarthi Biswas | Pune | Published: February 29, 2016 12:45:20 am
Finance Minister Arun Jaitley Finance Minister Arun Jaitley

PUNEITES, just as the rest of population of India, awaits eagerly for Budget-2016-17 as Finance Minister Arun Jaitley faces a tough task of balancing the needs of farm sector as well as the industry when he presents his third and challenging Budget on Monday as he seeks to garner resources to boost public spending for higher growth amid global headwinds.

The city residents hope this will address many ills plaguing the city. If the industrial sector hopes for much-needed reforms to kickstart the stalled sectors, the common man hopes that bracket for tax relief will be increased and be easy to comply.

The automobile and manufacturing sectors hope the Budget will stress on government spending, which they hope will give it a boost. While the automobile sector has been a recording single-digit growth, the manufacturing sector has been facing headwind for a long time. Increased capital expenditure in infrastructure projects will help both the sectors will help in their growth.

IT and ITES, which over the years have become synonymous with Pune are also facing the chills of global slowdown. With exports dwindling, the giants are looking towards the domestic market to help them tide over the global crisis. In this regard, the sector hopes the government will make enough provisions for the flagship programmes of digital India and Smart Cities.

Affordable housing, tax clarity about real estate are some of the benefits the real estate sector is eyeing the Budget for. In fact, the sector has been witnessing the phenomenon of unsold inventory and hopes the growth in other sectors will help them solve it. Also with the Smart City project, Puneites hope that there will be growth and substantial funding for the project.

The small and micro industries in Pimpri-Chinchwad, which had been “very badly” hit by the downturn, is looking for a major succour from the Budget. “In the last five-six years, as many as 8,000 small and medium-scale industries have either shut shop or have shifted from Pimpri-Chinchwad. There are still many who are fearing the worse. These industries are looking for cheaper bank loans and a rehabilitation package,” said Sandeep Belsare, president of the Pimpri-Chinchwad Small Scale Industries Association. Belsare the problems of the industries, whether big or small, can be resolved to a major extent if the Goods and Services Tax (GST) is made applicable. “There should be uniform tax structure across the country. Because of the lack of unformity, the industrial scene continues to suffer,” he said. D S Kulkarni, chairman and managing director of DS Kulkarni Developers Limited said, “It’s a high time the government did a rethink on realty sector in the upcoming Budget. The reason is that this is one sector that generates maximum employment.”

For the common man, the Budget mostly reflects a moment when they reframe their financial future. Rupesh Taware, who runs a pharmaceutical company said, he hoped the government would increase help towards the small and medium-sized enterprises. “It has been a tough year for us, I just hope that taxes are not increased again,” he said.

With inputs from Manoj More

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