The Utkal Chamber of Commerce & Industry Ltd (UCCIL) had arranged a post-Budget reaction session on Central Budget 2023-24 on 01st February 2023 (Wednesday) in its Conference Hall post Budget presentation in the Parliament by the honourable Union Finance Minister Madam Nirmala Sitaraman.
Shri Brahma Mishra, President, UCCIL, in his address said that it is a balanced budget. Taking into consideration the global recession despite which India is showing the highest economic growth. He said that at least we can very surely avoid situations like the ones happening in our neighboring countries Pakistan and Sri Lanka.
He again said that, in this budget there is a high emphasis on renewable energy, solar energy, biogas, MSME sector and start-up. He mentioned that we are the 3rd largest country in startup success. There is a huge variety of provisions granted in the Railway Budget. We are yet to know the state wise allocation. He observed that infrastructure sector development will get huge leverage. Skill Development and Schools will get a lot of advantages. Infrastructure sector, youth affairs and Airports are in the list of developments in this budget and this will generate a lot of employability opportunities for youth. Scrap Import without duty is to continue which will enhance production of green steel and green metals.
Import duty on raw materials are proposed to be decreased and this might impact adversely, which will impact higher production in manufacturing sector, he viewed in his reaction to the budget declaration. He also mentioned that the manufacturing sector contribution of 17% to the GDP which needs to be increased to 27% to GDP. He made a point that as it is our export is high but import is low during this recession. If import decreases in biogas, renewable energy, solar energy, it will take time to see the various benefits that the various sectors get.
He also said that this budget has taken good care of senior citizens. Tax benefit has been extended which will take care of the market inflation. Tax Free zones are enhanced. Health, education, Infrastructure, railways are all allocated balanced budgets. Input duty on textiles has been enhanced which will impact the domestic textile industry. Overall, this budget is good for our domestic market and the local manufacturers.
Shri Brahma Mishra again highlighted that sustainability of GDP growth and overall economic growth is a big challenge for us, now that we are already at a good height and level. The Global recession, the long-drawn Ukraine Russia War, and Worldwide Inflation is so scary that the common man should be saved from this burden of others. Hence, Personal Tax, Corporate Tax should be simplified, lowered and rationalized. He also opined that Capital Gain Tax should also be simplified, Tax range should be enhanced, GST and TDS have to be rationalized in the Corporate Tax sector. He said that unemployment is a big problem, hence more investment is required in many sectors, more so in the infrastructure sector.
He said about the effect on our state that in railways funds allocated for Odisha is very low and inadequate, and that it has been so and very uneven since the time of independence. New Railway Lines and Freight Corridors are the need of the hour for a state like Odisha whose GDP is more than the country.
He held his views that Odisha Steel and Mines contribute 2% to our GDP. Hence, to tackle unemployment we need to concentrate more on the manufacturing sector. He also strongly held that we need to take our manufacturing sector to a level of China-plus without-China, and that now it's time that India emerges as the manufacturing hub of the world. The whole world is looking up to India now.
Sri A. K. Sharda, Honourary Secretary, UCCIL, Sri Narayan Kumar, Honourary Treasurer, Sri Giridhari Lal Sharma, Honourary Joint Secretary were present in the press meeting besides other esteemed members of the Chamber.
