Nagpur :- Lauding the Budget, Devendra Parekh, President, Vidarbha Economic Development Council (VED) appreciated the inclusive budget, touching all income groups, sections of society, and businesses through this comprehensive budget. He said, this budget installs a pride of being an Indian covering, as it does, all aspects of Indian society within its framework. The country is experiencing growth in the quality of life by the citizens and there is a marked efficiency in the delivery by the Govt. A 7 Lakhs limit for no taxation is a welcome step, and minimum leakages in GST / IT due to digitalization have also made a big difference to revenues.
More specifically, with the contribution of 11 Lakh crores (3.4% of the GDP) in infrastructure will lead to the creation of employment opportunities and be a big filip to industrial activity. The emphasis on the creation of Railway Economic Corridors would mean a drastic reduction of logistics costs and greatly enhanced efficiency of logistics, enabling a desired competition with China.In the railways arena itself 40,000 bogies being converted to the Vande Bharat type of bogies would create economic opportunities and offer greater travel comfort for the travelers.
Rating Tourism Centres, that is, tourism destinations, is a very desirable step in the right direction. Infrastructure improvement in such centres will foster a competitive spirit in the people of other similar destinations, leading to improvement of tourism infrastructure of their own cities/centres.
However, according to Parekh, a few points which could have been covered are that an income tax on agriculture should have been introduced. There are a lot of farmers with high incomes from the agriculture sector who should be brought within the tax regime.Also, in the railway sector, new trains should have been introduced on the popular passenger routes on a pan-India basis.
