The cooperative sector has cautiously reacted to the union budget presented in Parliament Monday by finance minister Arun Jaitley. While some like IFFCO MD gave six out of ten to this budget, Satish Marathe, Shakar Bharati patron is disappointed by the budget.
In a short SMS Dr Awasthi wrote: “IFFCO and I welcome this budget. This is pro farmer pro rural pro women and proposes to try DBT in fertilizer in a few districts. Overall I will give 60% marks to it.”
The paradox of this budget has been that while on the one hand it has ignored cooperative veterans on the issue of IT exemption, it is biased towards farm and rural sectors with major budgetary allocations.
NCUI President Chandra Pal Singh welcomed the emphasis put on the rural sector in the budget but felt disappointed by the lack of any relief in IT exemption. “We had met every one and had even written to the PM seeking relief but it all fell on deaf ear”, he lamented.
The President of NAFCUB-the apex body of urban cooperative banks in the country is not amused at all by this budget saying “Budget is not encouraging for the Banking & Finance sector. Proposal to amend the RBI Act reeks of ulterior motives of bringing the RBI under the control of the government through Finance Department. “
Sahakar Bharati patron Satish Marathe expressed his disappointment on the FB wall. He wrote” Finance Minister Arun Jaitleyji has once again failed the coop sector, particularly the coop banking Sector! The Budget has failed to recognize and tap the vast potential of the sector.
Unfortunately, at a time when the inflation is still not under control, the FM should have addressed the hardships faced by those residing in urban areas. At this juncture, Income Tax sops for the middle and lower income groups of society should have been extended to lessen their burden.”