New Delhi, July 4 (KNN) The traders’ body, Confederation of All India Traders (CAIT), has welcomed the approach of the Government envisaged in the economic survey and hoped that support policies will be announced in the Budget to ensure growth and development of SME sector.

Reacting on the survey, CAIT said, “The economic survey for the last fiscal year indicates that the focus of the Government is now on boosting growth and development of MSME sector.

Secretary General of the CAIT, Praveen Khandelwal stated, it appears that Government will enhance exemption limit under Income Tax and will lay out a policy to encourage savings in the Country.

The traders’ body further said that in order to sustain the growth at 8 percent, investment has been considered as key driver for simultaneous growth in demand, jobs, exports and productivity.

The increase in rural wages since mid-2018 is clear indication that the economy is moving to transform rural India with upgradation and modernization to ensure its active participation in the economy. This will lead to a balanced overall economic growth removing disparity between rural and urban India.

In addition, this will help in employment generation at local level and will stop shifting of rural pollution to urban population, said CAIT.

CAIT hoped that Union Budget to be presented tomorrow will be a document to announce major policy initiatives for SMEs to free them from clutches of multiple laws and Authorities and Government expect them to do fair business practices and make them competent to face global challenges and and provide better opportunities for exports for SMEs.