Mixed reactions on Budget from Bihar industrialists

Patna, Feb 1 (IANS) Industrialists of Bihar had mixed reactions to the Union Budget 2023-24 presented by Finance Minister Nirmala Sitharaman on Wednesday.

Bihar Industries Association (BIA) President Arun Agrawal said that the Budget does not have anything that fulfills the expectation of industrialists.

“The Finance Minister has given relaxation in the tax slabs to benefit the middle class but it has nothing for the industrialists. We were expecting something for Bihar in the Union Budget and were disappointed after she did not mention anything for the state. We were hoping for the infrastructure development of Bihar but it was not the case. We were expecting interest-free grants to grow industries. The per capita income of Bihar is just Rs 50,000 while the remaining part of the country’s per capita income is Rs 1.97 lakh,” he said.

Industrialist O.P. Singh said that the Centre has has raised tax exemption from Rs 5 lakh to Rs 7 lakh – in the new tax regiome – which benefits the middle class. “57 per cent of people belong to the middle class paying tax honestly but not getting any benefit since 2002. After 20 years, the tax slab has increased,” he said.

“No one was helping the middle class through the budget in the past. It was a good initiative of the Centre,” another industrialist Raman Kishore said.