Mumbai: “In an increasingly challenging economic environment and slowdown, the Maha Vikas Aghadi Government in Maharashtra, led by Mr Uddhav Thackeray, presented a ‘Balanced Budget’ for FY20-21, keeping in mind all the stakeholders including Farmers, Unemployed Youth, Women and Industry and Priority sectors including Agriculture, Health, Education, Tourism, Manufacturing and Real Estate,” said Ms Sulajja Firodia Motwani, Chairperson, FICCI Maharashtra State Council.
“FICCI also welcomes the reduction in electricity duty on industrial use from 9.3 per cent to 7.5 per cent of the consumption charges, which will marginally support the industries hit by slowdown in the state, especially the power intensive industries. This will also create positive sentiments among industries during the uncertain times due to corona virus impact and economic slowdown,” added Ms Firodia.
“Concession of 1% on stamp duty for Mumbai, Pune and Nagpur regions is a welcome move. This shows the government recognizes the need to create some demand-side stimulus to the ailing Real Estate sector, which is a major employer and wealth creator in the state” said Mr Anant Goenka, Co-Chair, FICCI Maharashtra State Council.
Creation of Green Fund to tackle the challenges of Global Warming and Climate Change through increase in VAT on Petrol and Diesel will help in conservation of environment and overall increase in the VAT may not be very effective on retail prices due to constantly declining crude prices worldwide.
Enhanced outlay on tourism promotion, infrastructure development of existing tourist destination and creation of international standard tourist complex comprising of world class aquarium in Mumbai are some of the major initiatives proposed in the budget and will help state in attracting more domestic and overseas tourists.
Maharashtra Apprenticeship Scheme for supporting educated unemployed youth between the age of 21-28, for internship in private sector, where 75% of the stipend with maximum cap of Rs 5,000 per youth per month, will encourage placement in private sector and help state government in reaching the ambitious target of creating 10 lakh jobs in next 5 years.