Budget 2020 will boost income and enhance purchasing power: CAIT

Both Mr. Bhartia & Mr. Khandelwal said that the announcement to curb imports in the textile sector and enhancing duties on footwear, furniture, etc will give a boost to domestic trade and small industries.

The Union Budget presented by the Finance Minister today in the Parliament is a comprehensive document which will not only boost the income but will also enhance the purchasing power of the citizens which in turn will bring much-awaited cash liquidity in the market-said the Confederation of All India Traders (CAIT) while commenting upon the budget. 

CAIT National President Mr. B.C.Bhartia & Secretary General Mr. Praveen Khandelwal said that the announcements made in the budget are put to implementation in a strategic manner with a defined time frame will certainly lead India to a 5 trillion economy. The budget will promote more exports which will gain more share in the global market space and consolidate the Country's position at the global level. 

Both Mr. Bhartia & Mr. Khandelwal said that the Government has taken very vital steps to streamline trade and commerce in the Country. Providing support to domestic manufacturing and internal trade, affordable housing, promotion of digital payments, streamlining labor laws, vision to create each District as an Export hub is a unique concept that will certainly not only boost the exports but will also give bigger exposure to our artisans and small industries. The trade leaders said that strengthening the Non-Banking Finance Companies is one of the important announcements of the budget which will prove to be a game-changer for the national economy since NBFCs are major lending agencies to small businesses. An increase in the Tax Audit limit from 1 crore to Rs.5 crore is a much progressive step and the commitment of the Government to curb tax harassment is highly appreciated. 

Both Mr. Bhartia & Mr. Khandelwal said that the announcement to curb imports in the textile sector and enhancing duties on footwear, furniture, etc will give a boost to domestic trade and small industries. Gatiman QR code for generating invoices is also a welcome step that will curb informal business. They said that CAIT stands in solidarity with Government for its efforts in streamlining the trade and commerce in the country, widening the tax base and yielding more revenue to the Government.

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