Press Release

Union Budget misses attention on the export industry at large: TPCI

Press Release:

– Infrastructure including logistics, housing, EVs, MSMEs, banking sector major focus of the budget
– Rs1 cess/liter of petrol and higher tax for super rich remains the pain points for the industry
– Easy of investment and filing will help industry

New Delhi July 5, 2019: Trade Promotion Council of India said, the Union Budget has clearly missed upon focus to boost exports from the country. Chairman TPCI, Mohit Singla said,” The exports sector is already reeling under the global headwinds and the growth has already flattened. The industry book orders shows that the June exports will slip into negative terrain. This is crucial sector on which the manufacturing and job growth both will be impacted.” The industrialization thrust including addressing liquidity crunch for export industry has not been addressed adequately in the Budget, he added.

Speaking on the other pain points of the budget Singla said, “The higher tax to super rich and increasing the Rs1cess/liter on petrol will have a negative impact on the industry.” FM proposed to enhance surcharge on individual income of Rs 2-5 crore and over Rs 5 crore by 3% and 7% respectively, however it will reduce the huge persistent inequality among the earning class”.

However, Singla appreciated the budget for its focus on infrastructure and logistic sector. Ease of investment and filing will have a positive pull for all other sectors in India. These measured will buttress the Indian stakeholders to scale up ladder of global value chain, in the long run.”

Chairman TPCI hailed the move to lower rate of 25% so far only applicable to companies with turnover of 250 crore, which proposes to increase this limit to companies with annual turnover of 400 crore. This will cover 99.3% of companies in India and is a great move.

Singla appreciated the Government move to support private entrepreneurs in agriculture and will focus more on building agricultural infrastructure. For the “Ease of doing business and ease of living should apply to farmers.” FM proposes zero-budget farming, as a model for farmers. This will help in doubling the farmers’ income in the long run, he added.

Chairman TPCI said, “Other positive steps which this budget underlined is infusing 70,000 crore recapitalisation for public sector banks, which will address the liquidity crunch of the industry in the short run. Proposed easing angel tax for startups will not require scrutiny from Income Tax department for startup is a good move.2% interest subvention for GST-registered MSME on fresh or incremental loans. Stand Up India’ Scheme to continue till 2025. Propose to commence television channel for start-ups. To extend pension benefit to retail traders with annual turnover less than Rs 1.5 crore, etc are will give positive churn to the MSME sector.”

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