Union Budget 2022: Traders’ body calls it ‘comprehensive and progressive’

The Confederation of All India Traders (CAIT), an all India body of traders, has hailed the Union Budget 2022 and called it a comprehensive and progressive economic document that ensures development of each and every sector in a structured way.

In a press note issued to the media, the CAIT says that this kind of budget provides ease of doing business to traders, ensuring robust growth in health sector and services and above all becomes an effective document.

“Several new announcements including extension of ECGL scheme with 5 lac crore rupees, linkage of PLI scheme to various sectors will not only benefit the small manufacturing units but will also leverage the trading sector since the manufacturing goods and consumable income will come to economy and therefore will meet the current challenges of financial liquidity in the trading sector, “ BC Bhartia, National President and Praveen Khandelwal, Secretary General of the Confederation of All India Traders (CAIT), said in a joint statement.

They appreciated Union Finance Minister Nirmala Sitharaman and said that against heavy odds and domestic & global challenges, she has emerged victorious in setting out the future agenda of defined growth of the Indian economy as envisaged by Prime Minister Narendra Modi.

“She deserves 8 out of 10 numbers from the business community of the Country,” they said.

“However, we regretted that nothing concrete announcement has been made regarding simplification & rationalization of GST tax structure which is far away from "one market-one tax" principle and no announcement for traders to place them at par with corporate sector in terms of Income Tax, has highly disappointed the business community,” they said.