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WB SMEs find state budget positive, forward looking

Kolkata, Feb 18 (KNN)  Federation of Small and Medium Industries (FOSMI) is happy that the West Bengal budget for 2014-15 will help general more employment and offer additional credit access to the SME sector.

“The new employment in the SME Sector has been to the tune of one lakh already and more is planned. The Banks will layout more for the SME Sector. There is very good news for the MSMEs in the form of Micro Business Credit Card to be issued for loans upto Rs 5 lakh for small units by SBI from April 2014 onwards,” said FOSMI President, Biswanath Bhattacharya welcoming the proposal.

Minister-in-Charge of Finance and Excise, Government of West Bengal, Amit Mitra, presented the State Budget for 2014-15 at the Bidhan Sabha yesterday.

On the whole the Budget impressed one as positive and forward looking, Bhattacharya said, considering that in various areas such as industry, agriculture, service sector, etc and not the least in overall growth rate, Bengal has been ahead of the national averages as stated by the minister.

In spite of huge deduction by the centre – approximately 70,000 crore against the loans incurred by the previous government, the budget was aimed at progress in various fields.  New employment to the tune of 13 lakh 22 thousand has been generated so far and the next year’s target is 16 lakh, he said.

In the procedural front and reforms there have been proposals for online VAT Registration, reforms and simplification of professional tax structure and rising of the limit for applicability of professional tax, single window system for VAT, Professional tax and Entry Tax, electronic registration system proposal, reduction in registration and stamp duty with regard to real estate.

With regard to very small units, as an aid to their marketing, marketing complexes to be called Karmatirtha would be established. These will bring great benefit to the small units, FOSMI President said.

As far as infrastructure is concerned, so far 3349 new roads have been constructed and 13 IT and hardware parks are planned while rural electrification initiative in the name of Sabar Jonyo Alo has begun.