IMC supports the Big Focus on Farmers in the Union Budget 2018

by Shrutee K/DNS 

The IMC Chamber of Commerce supports the various initiatives of the Finance Minister in his attempt to focus on increasing farmers income and addressing the concerns on rural impoverishment and unemployment have been well taken care of.

IMC feels that the budget is an exercise in political statement of promoting rural economy. The emphasis on generating higher income for farmer,  get at least 1.5 times of the cost of production and an attempt to consider agriculture as an entreprise to help farmers double their income by 2022. The setting up of agricultural market fund of Rs 2200 crores, the Gramin Agriculture Markets to enable farmers selling directly to buyers, cluster development model for agriculture and to exempt trade on e-NAM from APMC regulations is a welcome step. To boost farming the allocation of Rs 11 lakh crores through direct institutional leding is also welcome. The focus of rural livelihood spending of Rs 14. 3 lakh crores is to strengthen in generating rural employment . IMC welcomes the attractive initiative in health care programme which will entitle 10 crore families to avail hospitlisation treatment upto Rs 5 lakhs per year.

IMC welcomes the reduction of corporate tax rate to 25% for companies with turnover of upto Rs 250 crores. This is going to benefit the MSME sector a lot to boost employment and become competitive in  global market.

The postive features of the budget are the increase in threshhold limit for tax deduction on interest on bank deposits for senior citizens to Rs 50,000/- and the merger of 3 insurance companies into one entity.

IMC also welcomes the attempt to raise the competencies of teachers in schools and in revitalising the education system and research in the country. It also welcomes the move to spend Rs 1.48 lakh crores by railways in improving passenger amenties.

Tax on distributed income of equity based MFs at 10% and the introduction of LTCG could a dampner for the stock markets. The real estate sector was expecting  relief through lowering of stamp duty and grant of infrastructure status to help bring down cost of finance and project cost. This has not happened. However the new proposal to put priority sector deficit  to NHB for affordable housing is a welcome step.

IMC compliments the government in taking steps which is likely to see the GDP growing at 7.2 to 7.5% range, along with the fiscal prudence to keep the deficit to 3.3% of the GDP. 

About IMC

Set up in 1907, IMC Chamber Of Commerce and industry is an apex Chamber of trade, commerce & industry with headquarters in Mumbai. The Foundation Stone of IMC was laid by Sardar Vallabhbhai Patel. Being the Voice of over 200,000 Corporates in India, every President and Prime Minister of India have addressed the Chamber.  Shri Narendra Modi addressed this Chamber in May 2013 and in April 2017. Two of the chamber’s recent active members and Committee Chairmen, Mr. Suresh Prabhu and Mr. Piyush Goyal, are now Union Cabinet Ministers.

The chamber has 2700 direct members, comprising a cross section of the business community, including public and private limited companies and over 225 trade and industry associations through which the Chamber reaches out to over 2,50,000 business establishments in the country. IMC is the first Chamber in India to get ISO 9002-2000 certification which has since been upgraded to ISO 9001: 2008. IMC is the only business Chamber in India with which the Father of the Nation, Mahatma Gandhi, was associated as an Honorary Member.