Rajeev Singh, Director General, Indian Chamber of Commerce said in a statement, “Indian Chamber of Commerce appreciates the Budget presented in the Assembly of West Bengal today. The host of Social Welfare Schemes would go a long way in raising demand in the State, since the MPC (Marginal Propensity to Consume) of the beneficiaries would be nearly one. Subsidised loans for MSMEs along with employment generation schemes would promote self-employment along with State employment.”
He added, “ICC welcomes Government’s plan to set up four new Super Critical Thermal Power units in Santaldih, Bakreshwar and Durgapur at an aggregate capacity of 2,920 MW, which would add to the infrastructure base. The State has taken up some key road development projects like the ‘Ganga Sagar Setu’, ‘Shilpa Setu’, and the Pathasree-3 scheme. When these are supported by industry investments, the State economy would further improve from being the sixth largest in India.”
Namit Bajoria, president, Merchants’ Chamber of Commerce and Industry (MCCI) lauded the proposed 4% interest subvention scheme for small and medium enterprises for 2024-25. Appreciating the State government’s efforts at increasing bank credit to the SME sector in the State, he pointed out that the waiver of penalty and interest as a dispute redressal step would go a long way in resolving the long-standing issue of luxury tax for the hotel industry. “On behalf of Credai (WB) I welcome the move by the government for revisiting the ceiling laws of the land both under urban and ceiling regulation act as well as land reform act. In fact, the ceiling laws are archaic. These were promulgated at a time when the socio-economic situation of the country was much different. In this century now when India is going to be an economic superpower, we need modernization in all the archaic laws,” he said.
Sushil Mohta, president, CREDAI West Bengal and Chairman, Merlin Group said in a statement, “We are further happy to note that the government is extending conversion of leasehold to freehold in all the areas and for all the lands under various departments. This is another path breaking step by the state government to create a business friendly atmosphere in West Bengal. The system of freehold land title will bring in huge ease of doing business and instill huge confidence in the investor and business community. It will provide huge revenue to the exchequer and propel the development process of trade and industry in Bengal.”
Sanjay Budhia, MD of Patton Group, described the state budget as pro-people, practical, pragmatic and progressive budget. “Government’s assurance on re-visiting to repeal Urban Land Ceiling Act – a long standing request is like music to the ears and is eagerly awaited. Announcement of maximum stamp duty of Rs. 1,000/- as against the present rate of 0.5 % for registration of property under Gift within family is a much needed relief.”