BUDGET 2024-25: ‘Budget good for salaried class, but sports industry not enthused’

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Jalandhar, July 23

There has been a mixed reaction to the Union Budget presented in Parliament today. Various sections of people in the city, including industrialists, doctors, educationists and the salaried class, have said the Budget is a mixed bag and that its real impact will be known in the days to come.

No incentive for sports goods makers

President of the Khel Udyog Sangh Ravinder Dhir said, “The Union Budget has not brought any relief or given any incentive to the sports goods manufacturers. Our only hope now is that of the 10 industrial hubs announced, Jalandhar should get one. If we get that, we will also get a much-needed R&D centre too. We had met Union Finance Minister Nirmala Sitharaman during her recent visit to Ludhiana. We had requested her to give representation to the industry in the GST Council. We had also sought the revision in the Section 43B(h) of the Finance Act 2023 since it is detrimental to the interests of small enterprises. We expect a timely intervention on both these issues”.

Good for salaried class

Chairman of the Lovely Group Ramesh Mittal said, “The Union Budget introduces significant reforms for economic growth. The increased standard deduction and revised tax rates will bring relief to the salaried employees, enabling significant income tax savings. The corporate tax reduction for foreign companies and the abolition of angel tax will create a favourable business environment, encourage investment and entrepreneurship. The Budget prioritises support for MSMEs and the manufacturing sector through credit guarantee schemes, term loans, and technology support. The MSMEs can now access loans up to Rs 20 lakh under the Mudra scheme.”

Sale of property to be heavily taxed

Manjit S Soand, a chartered accountant, said, “It is overall a good Budget. My only point of worry is the stopping of indexation in real estate. Those who have old family properties and were delaying selling these will have to pay a higher tax now as per the new value of the property. The biggest plus point in the Budget is that every salaried employee will be able to save Rs 17,500 in the new tax regime.”

No boost for edu sector

Dr RS Deol, Director, Lyallpur Khalsa College Technical Campus, said, “It is an overall good Budget with focus on the middle class, MSMEs and even the cooperatives. But the Union government has missed announcing any funding for educational institutes. No new training institutes have been announced though the upgrade of the existing ITIs has been announced. Some positive steps include an assurance to provide skill enhancement for 20 lakh youth, making provisions for hostels and crèches for women workforce and balancing I-T slabs. The scheme of training 1 crore youth for five years in top industries will also help those planning start-ups.”

Hospital owners at loss

Dr SPS Grover, owner of a private hospital here, said, “There have been a lot of projects announced by the Finance Minister for Bihar and Andhra Pradesh, but nothing for Punjab. The biggest worry for the hospital owners is that while an allocation of Rs 500 crore more has been announced by the FM under the Ayushman Bharat scheme, the service providers will remain at loss. The scheme has not been rationalised for the hospital owners and we have been asked to adopt it fully, and not for specific treatments.”