Mixed response to Budget-2021

While the Industries Association has hailed the reduction in import duty on steel scrap, which will give a boost to the MSMEs of the state, the common man is unhappy as there is no reduction in the income tax slabs.

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Yogesh Sagar, president, Mohali Industries Association

The Budget is good for micro, small and medium enterprises (MSMEs) as the import duty on steel scrap has been reduced, which would further give a boost to the steel industry of the state. The prices of steel have gone up by 40-50 per cent in the past few years, but now, the rates would come down and help in reviving the sagging industry. Industrialists were hoping for more to tide over losses caused by the pandemic restrictions. Various industries had closed down in the past year. However, the imposition of agriculture Infrastructure and development cess (AIDC) of Rs 2.5 per litre on petrol and Rs 4 per litre on diesel would not only hit the common man but also industry as the cost of raw material would go up.

Shamsher Purkhalavi, Principal, ITI Mohali

There is no relief for the common man and it appears the Budget has been prepared to benefit corporate houses. There is no reduction in tax slabs which could have given some relief to employees. Already, the common man has been hit by the rising inflation and introduction of agriculture infrastructure and development cess would further increase the prices of essential commodities.

Swarn Chaudhary, president, Mohali Senior Citizens Association

Exemption from the filing of income tax return for senior citizens aged above 75 years is a welcome step. We were expecting the government to announce a minimum of Rs 5,000 old-age pension as most senior citizens have to manage their day-to-day affair on their own. The automobile scrap policy on allowing petrol and diesel cars up to 20 years old to ply is also a big relief for senior citizens who had to sell their old cars and purchase new ones.

Sukhwinder Singh Bedi

No relief has been given to the common man by retaining the tax rates. The non-filing of ITR would hardly help senior citizens as the income from the interest on FDs has already gone down from 9.5 pc to 5.9 per cent in the past seven years. Further, agricultural infrastructure and development cess has been introduced at a time when the petrol and diesel prices are already skyrocketing, and this would further increase the prices of commodities.