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Union Budget evokes mixed response from MSME operators, traders, farmers

The Union Budget evoked a mixed response from micro, small and medium enterprises (MSME) operators, traders while middle class and salaried individuals got a reprieve from tax rebate. Dr Satnam Ajnala, president, Jamhoori Kisan Sabha, Punjab, said, “The corporatisation of...
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People watch the telecast of the Union Budget 2025 in Amritsar on Saturday. Photo: Sunil Kumar
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The Union Budget evoked a mixed response from micro, small and medium enterprises (MSME) operators, traders while middle class and salaried individuals got a reprieve from tax rebate.

Dr Satnam Ajnala, president, Jamhoori Kisan Sabha, Punjab, said, “The corporatisation of the Budget will weaken the rural economy leading to unemployment, poverty and addiction.”

He further said, “The Budget is an eyewash in which agriculture has been completely ignored as its Rs 1.52 lakh crore outlay of the last year remains similar this year too. This amount is only 3.2 per cent of the entire Budget whereas the share of agriculture is around 27 per cent of the GDP. Burning demand of the MSP did not find any mention in the Budget.”

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He said, “The PM-Kisan Samman Nidhi scheme, which offers an amount of Rs 6,000, should have been increased to Rs 60,000 per year to support those farmers who are grappling with falling income and farm stagnation.”

Piara Lal Seth, president, Punjab Pradesh Beopar Mandal (PPBM), rued that Punjab was ignored in the Union Budget as neither any financial assistance nor special package was allocated to the border state to accelerate development.

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While welcoming the move to give tax relief to the salaried class with annual income up to Rs 12 lakh, he said this would increase their purchasing power.

He said a special credit card scheme for small industries in which 10 lakh cards would be issued in the first year along with the loan guarantee cover for the MSMEs to be increased from Rs 4 crore to Rs 10 crore, enabling them to take loans of up to Rs 1.5 lakh crore, had a potential to push the small-scale sector, which forms the backbone of the industry in Punjab, especially in this border district.

Increasing the loan limit for start-ups from Rs 10 crore to Rs 20 crore and earmarking of an Urban Challenge fund of Rs 1 lakh crore for redevelopment of cities and improvement of water and sanitation facilities would infuse more liquidity in these sectors.

Gunbir Singh, former Chairman, CII, Punjab, observed that the trust deficit between citizens and arms of governance need to be addressed. He said the Union and the state governments had to deregulate to a hands-off approach for doubling the present six per cent plus growth as also to face the global headwinds. With flailing exports and rising imports these were essential, he said.

He said, “Standing out is a reiteration for boosting production of pulses and edible oils that constitute a large part of our import bill. Boosting agriculture incomes by supporting what the nation desperately needs will benefit farmers. Two decades ago, radical reforms set a robust economy in motion. Now, knocking yet again on India’s door is the need for renewed energy and openness in its stride to a brilliant century for the nation.”

A senior citizen Anil Vinayak said, “Senior citizens too have got relief with enhanced threshold limit up from Rs 50,000 to Rs 1 lakh, but they didn’t find anything much needed in railway and air fare.”

He said, “New income tax bill will help compliance with norms and increase the number of tax payers. It will likely hike direct tax collection.”

He said, “Financial sectors, both banking and non-banking, will be pegged with deposit portfolio resulting in cheaper loans for housing, MSME, pharma and new in-demand sectors like AI and semiconductor chip production.”

Senior BJP leader Rajinder Mohan Singh Chinna, while hailing the Union Budget, thanked Prime Minister Narendra Modi for providing the biggest ever relief to the salaried class. He said the budgetary focus was on defence, infrastructure, industry and agriculture. Proposal to add over 75,000 seats in the country’s medical colleges within the next few years was the need of the hour, he said. The Union Budget also focused on farmers as their credit card limit was raised to Rs 5 lakh, he said. He said crop diversification and digital mapping of the crops, apart from crop insurance, were welcome steps.

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