Union Budget Reaction – Mr Ravi Karumbiah, MD, CCIndia (Veneta Cucine ) – Retail Sector & Overall Budget
Union Budget 2015-16
- Overall, a very good budget, that has addressed a plethora of issues. A growth oriented budget that will help boost new project development and foreign investment beginning to come in
- Savings by way of lowering taxes which will allow people more disposable income and more spending power bringing money back into the system.
- In terms of lowering of custom duty, although it was introduced, since we still do not have access to the annexure we don’t really know what this means, but since so much attention has been given to the ‘Make in India’ initiative, we hope this change will make it easier for importers to start manufacturing atleast some of their currently imported products in India.
- Introducing the strict new law for curbing black money and managing assets is a key issue that has been addressed.
- Overall, although our industry was not directly addressed and further the retail sector not been opened up, I am happy with it as it helps our employees in their expenditure and helps set a positive tone in the country . This is especially important to us as we are part of a still highly unorganised sector, heavily dependent on manual labor and small traders, our workforce comprising of primarily middle class and the poor section of society.
CCI Newswire
