Union Budget Reaction from Mr. Vinod Kumar Gupta, Managing Director, Dollar Industries Limited

Mr. Vinod Kumar Gupta, Managing Director, Dollar Industries Ltd.

Mr Vinod Kumar Gupta, MD – Dollar Industries Limited

The Government has once again ensured trust-based governance to build Atmanirbhar Bharat by extending the The Emergency Credit Line Guarantee Scheme (ECLGS) till March 2023. We welcome the move of extending the ECLGS scheme which will be beneficial for the MSMEs. Significantly, several textile and hosiery players belong to the MSME sector. On the other hand, the credit and fiscal support of 5 lakh crore will give a huge boost to this sector encouraging new businesses to come to the fore. Besides, the announcement will certainly generate more than 10 lakh of employment opportunities in a short span of time.

The proposal of 350 exemption entries to be gradually phased out is a significant move. These include exemption on certain agricultural produce, chemicals, fabrics, medical devices and drugs and medicines for which sufficient domestic capacity exists. We are hopeful that this is likely to benefit the textile industry.

The government has reposed its faith in taxpayers, entrepreneurs, investors, enabling it to build an open, digital and inclusive India with a 25-year vision. As there has been no reduction/relief on the personal taxation side, however, the good part is that we did not see levy of any additional tax.