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Budget 2019: Small traders’ body calls budget ‘revolutionary’; hails pension benefit, investors’ summit

Sandeep Soni
Budget 2019, Union Budget 2019 India, Budget 2019 India, Budget 2019-20

Budget 2019 India: Calling the budget, presented by finance minister Nirmala Sitharaman on Friday, ‘revolutionary’, the traders’ community comprising of small traders said that the announcements made if strategically implemented within a certain time frame can push India to become a $5 trillion economy even as the budget will boost exports consolidate India’s position at the global level.

Among the key steps taken by the government for traders has been extending the pension benefit to about 3 crore retail traders and small shopkeepers having less than 1.5 crores in annual turnover “under a new Scheme namely Pradhan Mantri Karam Yogi Maandhan Scheme,” the minister had said.

“Pension for traders on attaining the age of 60 years with Aadhar card is a proactive step which was a long pending demand of Confederation of All India Traders (CAIT),” said B.C Bhartia, National President and Praveen Khandelwal, Secretary General, CAIT in a joint statement.

Also read: Budget 2019: Travel startups welcome Nirmala Sitharaman’s maiden budget; expects ‘exponential growth’ for sector

The confederation also hailed sops announced by Nirmala Sitharaman for non-banking finance companies (NBFC) as “they are the actual lenders of finance to trade and small businesses and announcing support policies for them will also increase the flow of money in the market,” Bhartia and Khandelwal said.

Nirmala Sitharaman said that ‘fundamentally sound’ NBFCs should continue to receive capital support from banks and mutual funds without being unduly risk-averse. Also, for such NBFCs’ purchase of “high-rated pooled assets amounting to Rs 1 lakh crore during FY20, the government will provide one time six months' partial credit guarantee to public sector Banks for first loss of up to 10 per cent”

The annual Global Investor Meet in India that the minister said the government is contemplating will help Indian merchants enter the global markets and provide more and better business opportunities, according to CAIT while the “Model Tenancy Law will boost business across the country as large number of traders are tenants and facing great hardship in conducting business. It will provide much-desired relief to the trading community,” said Bhartia and Khandelwal.