Interim budget 2024: Nothing constructive, rues trade sector

MADURAI: Trade and industry stakeholders said the Union interim Budget has nothing constructive.

There’s no change in direct and indirect taxes in the budget. The number of taxpayers in the direct taxes has increased by about 2.4 times and the number of taxpayers have now increased to 8.5 crore.

It has been announced that there’s no change in income tax slab as about 37 per cent of people are paying tax as businessmen and monthly salary people.

Ten years ago through indirect taxes, the government collected Rs 80,000 crore per month as tax, now an amount of Rs 1,70,000 crore is being collected monthly through GST.

But, neither the GST council nor the Finance Ministry is listening to the legitimate demands of the trade and industry, N Jegatheesan, president, Tamil Nadu Chamber of Commerce and Industry (TNCCI), Madurai said.

While prices of petrol, diesel and cooking gas have soared, Finance Minister Nirmala Sitharaman failed to provide price reduction in this budget.

The announcement for an upgrade of 40,000 rail coaches and the construction of two crore new houses in the next five years is of some comfort, he added.

Much to our disappointment, projects, including AIIMS hospital, bus port, metro rail and the expansion work of Madurai airport, which have already been announced in the previous budgets in South Tamil Nadu, did not take shape, the TNCCI president said.

Investment in post-harvest jobs welcomed

Meanwhile, the Agro Food Chamber of Commerce and Industry (AFCCI), Madurai welcomed the proposal to promote private and public investment in post-harvest activities as it would substantially reduce post-harvest losses and increase farmers’ income, S Rethinavelu, president, AFCCI said.