CAIT hails budget, terms it revolutionary

New Delhi, July 05: The Confederation of All India Traders (CAIT) has hailed Union Budget 2019 by terming it as a revolutionary document listing much needed priority to business community and Small Medium Enterprise (SME) sector.

It added that the budget will promote more exports which will gain more share in global market space and consolidate Country's position at global level.

CAIT National President B.C.Bhartia and Secretary General Praveen Khandelwal said that pension to traders on attaining the age of 60 years with Aadhar card is a proactive step which was a long pending demand of CAIT.

"Providing support to domestic manufacturing and internal trade, affordable housing, promotion of digital payments, streamlining labor laws, establishment of Social Stock Exchange, Blue Print for different sectors, convergence of rural India in to modern system, linkage of Artisans to global market, strengthening the Non-Banking Finance Companies are dew of the important announcements of the budget which will prove to be a game changer for national economy," said Bhartia.

Khandelwal said that the payment mobility card and adoption of bank charges for use of debit and credit cards by bank and Reserve Bank of India will increase the adoption of the digital mode of payment.

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"The payment platform of MSME will help in fast recovery of MSME dues. The availability of pension scheme to 3 crore to GST dealer will be milestone for senior citizen. The pumping of 70 thousand crore into banking system and relaxation of norms for non-banking financial company will help in increasing the liquidity in the market. This will increase the volume of business," said Khandelwal.

CAIT, however, is not happy with government's proposal to bring in the new series of coins into the market.

"The trading community is as it is suffering from accumulation of coins because of reluctance on parts of banks. The Govt should make a policy for acceptance of same," said Khandelwal.

Bhartia said that the Corporate Tax has been reduced to 25%, but the same should be extended to individual to partnership firm.

The CAIT leaders said that the announcement of creation of a Payment platform for immediate payments for the supplies made to the Government Departments will encourage more capital flow in the market.

"Non-Banking Finance Companies (NBFC) are the actual lenders of finance to trade and small sector and announcing support policies for them will also increase flow of money in the market," said the duo.

The trader body has also welcomed Modern Tenancy Law and said that it will boost business across the Country as large number of traders are tenants and facing great hardship in conducting business.