Budget 2021-22 considered 75 per cent of suggestions of PHD Chamber

New Delhi: Mr Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry has appreciated and congratulated Finance Minister Smt Nirmala Sitharaman while releasing the report on PHDCCI Analysis on Union Budget 2021-22 conducted by PHD Research Bureau, research arm of PHD Chamber of Commerce and Industry
 
Mr Sanjay Aggarwal in a press statement issued here today said that the budget has considered 75% of the suggestions made by the PHD Chamber to Ministry of Finance.
 
PHDCCI had suggested a 10 pronged strategy to the Hon’ble  Finance Minister, Smt. Nirmala Sitharaman for the Budget 2021-22 to rejuvenate the economic growth trajectory of the country, which included (1) refueling consumption and demand, (2) encouraging the private investments, (3) large scale infrastructure investments, (4) establishing DFIs to fund industrial and infrastructural investments, (5) strengthening MSMEs, (6) reducing the costs of doing business, (7) ease of doing exports, (8) increasing Tax to GDP ratio, (9) agriculture & rural sector must be at the forefront and (10) effective reforms in social infrastructure.
 
Out of the 10 suggestions made by Industry body, PHD Chamber to Ministry of Finance, 7 suggestions including large scale infrastructure investments; expansion of National Infrastructure Pipeline; setting up a Development Finance Institution (DFI); strengthening of the MSMEs though increased allocations and revisions in custom duties; implementation of government order on reduction of performance bank guarantees (PBG); reduction in cost of doing business, especially logistics cost, dedicated freight corridor projects; and reforms for encouraging the private investments in the country have been considered in the budget, said Mr Sanjay Aggarwal.
 
Whereas, PHD Chamber’s  suggestions including, ease of doing exports through Mega Investment Textiles Parks (MITRA) scheme, enlarged scope of Operation Green Scheme and revisions in custom duties; dedicated reforms for agriculture & rural sector; and strengthening of social infrastructure have been partly considered in the budget, said Mr Sanjay Aggarwal.
 
Going ahead, we look forward to the effective implementation of the reforms considered at the ground level and kind consideration of the remaining suggestions in future course of time, said Mr Sanjay Aggarwal.
 
The Union Budget 2021-22 presented by Mrs Nirmala Sitharaman, Hon’ble Finance Minister is a historic budget and has brought string of positive surprises , considering the aspirations of all sections of the society for the improvement of standards of living of the people and ease of doing business for the industry across the segments, said Mr. Aggarwal
 
The focus of budget on six pillars, including Health and Well-Being, Physical and Financial capital and infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and Research & Development, and Minimum Government, and Maximum Governance is highly encouraging and would go a long way to build a New India, said Mr Sanjay Aggarwal.