Lucknow, July 5 (KNN) In the Budget 2019-20, the Finance Minister has not addressed the sagging economic condition of the country, said VK Aggarwal, Former President of Indian Industries Association (IIA).

In the Budget viewing and discussion sessions held at IIA head office in Lucknow and IIA Chapters all over Uttar Pradesh (UP), Aggarwal said that reduction in the fiscal deficit from 3.4% to 3.3% means that Government will spend less on the Infrastructure and developmental activities which in his opinion will put the Indian economy in a reverse gear.  

Reacting to the Budget announcements, President of IIA, Pankaj Kumar said that he is happy about the intention of the Government to give boost to MSME Sector. The announcements on Credit availability, Interest Subvention, Payment Platform for bill filing for MSME and Start-ups etc. are a welcome step.

However, the adequacy of the budget allocated and the implementation of these announcements has been a concern in the past, said Kumar adding that he expects the present government to look into this.

General Secretary of IIA, Manmohan Agarwal said that the focus of the budget on village economy and urban India will indirectly benefit MSME sector due to increase in the demand and consumption of the products manufactured by MSMEs.

He also welcomed the announcements on streamlining multiple labour laws and simplification of reports and returns.

The promotion of traditional industries under SFURTI scheme will also help micro enterprises in the rural areas, said Agarwal.

Commenting on the budget, Former President of IIA Sanjay Kaul said that Finance Minister has not given details of the Budget allocations for different Programs and have not laid out any time line for implementing the announcements.

As such this time the Budget seems to be more like a policy document. He however said that we have to study the finer details of the Budget Documents to understand the announcements.

Former President, Anil Gupta IIA said that the budget proposals will give boost to the Indian Economy and will help the MSME Sector also. He felt that over all the Budget is good for the Industry as well as people of India.