Union Budget: Here’s How Odisha’s Finance Minds Reacted
Several industry and trade bodies of Odisha supported the Union Budget 2021-22 presented by Finance Minister Nirmala Sitharaman. Meanwhile, a few experts disagreed on some sections of the proposal. Given below is a roundup of the reaction from experts in Odisha:
- Subhrakant Panda, the Vice-President of Federation of Indian Chambers of Commerce and Industry (FICCI) stated, “The budget looks comprehensive and well thought through, which is expected to provide fiscal support for investment and consumption. Higher outlays for different sectors augur well, as does the fact that the quality of expenditure is also improving with more thrust on capital expenditure.”
- Monica Nayyar Patnaik, the head of FICCI Odisha Council stated that the budget focused on ‘Self-Reliance’ as the proposals were growth-oriented and industry-friendly. “With Odisha aggressively showcasing its high investment potentials in various sectors and taking multiple initiatives to attract investors across the globe, the stress laid by the Union Finance Minister in the budget to improve Ease of Doing Business and encourage compliance will greatly support these initiatives,” Patnaik said.
- Confederation of Indian Industry (Odisha) Convener, Dr AK Rath, believes this budget was a step towards an ‘Atmanirbhar’ India. He praised the social sector reforms including an enhanced allotment for the health sector, packages for the migrant labourers, low-cost housing, liberalisation of taxation scrutiny, integrated public health laboratory in each district, expansion of Ujjwala scheme and higher allocation for rural infrastructure.
- Prafulla Chhatoi, General Secretary of Cuttack Chamber of Commerce, gave a differing view saying “Although the government has announced a series of measures for education, agriculture and health sectors, the price hike of petrol and diesel would ultimately lead to the increased price of essential commodities”.
- Abani Kanungo, the Odisha Industry Association Chairman, said the MSME sector had been catered to in the budget with the announcement to reduce customs duty and increase duty on export of products manufactured in the country. However, Kanungo had his reservations about the projected revenue receipts during this pandemic.