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No tangible incentives for MSME in Budget: BNCCI

The Bengal National Chamber of Commerce & Industry, while hailing the pious intentions and good proposals in Union Budget 2016-17, said it did not contain sufficient enabling provisions to achieve what it proposes to do. Dr G P Sarkar, President, BNCCI, said the finance minister “concedes the importance of MSMEs in our development process but practically offers no tangible incentive for their development”.

However, Sarkar, said Arun Jaitley has presented a pragmatic Budget, reckoning the growth of 7.6% for 2016-17 due to domestic factors, albeit in a challenging external environment.

Acknowledging that the Budget has rightly recognised the imperatives of agriculture and farmer’s welfare and the rural sector, Sarkar said, the proposal for tax holiday for start-ups for 3 to 5 years from setting up the company, lowering of the corporate income tax rate for companies not exceeding a turnover of Rs 5 crore plus 25% surcharge, additional exemption of Rs 50,000 for housing loans up to Rs 35 lakh provided the cost of the house is not more than Rs 50 lakh and measures to rationalise excise and customs to boost “Make-in-India” are all “laudable moves”.