Bengaluru, July 5 (KNN) The Karnataka Small Scale Association (KASSIA) has welcomed the thrust of the maiden budget of the new government presented by Union Finance Minister Nirmala Sitharaman.

"The budget reflects the major policy directions for the NDA Government which aims to take the economy to the level of 5 trillion dollars in the next  5 years. In this view KASSIA would like to commend the Finance Minister for their initiative of creating payments platforms for the MSMEs in addition to the quick loans schemes available for the MSMEs," said the industry body.

KASSIA said all the proposed improvements made by the FM in the budget such as an  improvement in the power connectivity, proposed creation of water ways, emphasis on Swatch Bharat, conservation of water, proposed improvement and various others are indeed extremely important and will pave the way for the all-round development.

The proposed streamline of the labour laws into 4 codes along with the continued emphasis on development of skilled manpower in the country with the proposed creation of 75000 new  entrepreneurs, and the proposed  investment of Rs 100 lakh crores for improving infrastructure in the country in the next five years which will be critical to reach the goal of 5 trillion dollar economy by the next 2025 was particularly welcomed by KASSIA.

KASSIA said the reduction in Corporate tax to 25% on a large number of companies, apart from the concession in income tax making it zero tax up to income of Rs 5 lakhs will be of great relief for the ordinary tax payers.

The problems of SMEs in the country including access to finance and the need for improving the eco system will remain extremely critical, says KASSIA while stressing on the problems faced by the SMEs.

KASSIA stressed it believes that the government will make attempts to make sure that all problems along with their implementations will be taken care of and all the schemes mentioned in the Budget get implemented for the Welfare of Individuals. (KNN/Lavannya)