Jyotindra Mehta, President, National Federation of Urban Cooperative Banks and Credit Societies Ltd., New Delhi and Patron-Sahakar Bharati- has expressed his gratitude towards the Union Finance Minister, Mrs. Nirmala Sitharaman for her accepting long pending demands of the Cooperative sector across the country for years together.
On behalf of the cooperative sector of the country he says, “SALUTE SITHARAMAN.” According to him, this budget indicates the will of the union Govt to rejuvenate the economy in the recent days of slowdown.
The Govt is determined to double the income of the agriculturist and to march ahead in keeping the nation in the top five economic powers of the world. This budget aims to fulfil all these tasks among others, Mehta says in a press note.
“The farmer is an important part of the economy. If his income is increased, then only pace in the economy can be witnessed. Keeping this principle in the mind, the finance minister has announced 16 measures for the upliftment of farmers, which include Kisan Railway, Kisan Udaan, online platform for sale of organic farm produces, Dhaanylakshmi Scheme for increasing their income through Self Help Groups, Horticulture Produces System, etc. are to be introduced first time ever in India. These will prove to be important measures to double their income and also to provide booster dose to the economy”, Mehta underlines.
“The Finance Minister has also tried sincerely to boost manufacturing sector, SME Segment, Technology and Education System. This is noteworthy”, he added.
The cooperative sector was demanding since long to reduce tax rates. This demand is accepted and fulfilled by bringing down the rate of tax from 33% to 22%. She has also approved the scheme to raise capital for the cooperative sector. Raising Deposit Insurance limit from 1 lakh to 5 lakh will be a great relief for the depositors across the country. The cooperative sector is happy on this, Mehta stated.
“Corporate Income Tax rates in the entire world, may it be developed nations, underdeveloped nations or the developing nations, the lowest Income tax regime has eased the structure and this has proved that India has accepted the maxim of ease of doing Business in real sense”, Mehta concluded.