Budget: With no schemes announced, wholesale traders upset

CHENNAI: The Union Budget for 2023-24 has prioritised youth, agriculture and modernisation. The wholesale traders in the city are disappointed as there was no scheme announced for them this year. They claim that though benefits have been given to small and medium industries, banks don't provide loans for the traders. Besides, traders have urged the State government to reduce the tax on commodities.

"The capital expenditure structure of the government has been increased by 33 per cent. It is also encouraging that the 50-year interest-free loan to states will continue. While all these are important, there is no scheme in the Budget for the welfare of traders, which is the main source of government revenue. Neither the schemes nor the schemes for their development have been announced for traders and industrialists," said AM Vikramaraja, President, Tamil Nadu Vanigar Sangangalin Peramaippu.

The association stated that at a time when the tax revenue of the government is increasing, there are no plans for the improvement of the livelihood of the traders, nor any announcements for the progress and development of the traders. Amidst the slogan of one India, one tax, the lack of implementation of one India is very disappointing.

"The GST must be made even for all products as it will be easy for us in many aspects including billing. The tax for packed branded items below 25 kgs must be removed. Some people don't use their brand names and sell them with some disclaimer to avoid taxes, but people don't believe it's genuine," R Punniappan, Secretary, Koyambedu Food and Grains Wholesale Market.

The wholesale traders stated that the loan doesn't approve loans for small industries in the State because they look for cibil scores. "They should consider it through associations in the market, because based on the cibil score, they are giving a loan. When it's already announced by the government why would they bother about other procedures," said R Muthukumar, a semi-wholesale trader at Koyambedu market.

"Both central and State governments should consider reducing the tax on commodities. It would be beneficial for traders and customers," he added.