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Budget Focuses on Economic Strength Over Populism, Says CAIT Chief

CAIT President B.C. Bhartia stated the Union Budget shifts from populism to a broader economic vision for national strength. He highlighted its focus on youth empowerment, support for MSMEs through a dedicated fund, and the promotion of Ayurveda to benefit rural communities. The budget also emphasizes local production, water conservation, and increasing rural women's economic participation. Bhartia noted specific measures to ease credit access and reduce interest burdens for traders and small businesses.

Key Points: Budget 2023: Economic Vision Over Populism, Says Traders' Body

  • Focus on national economic strength
  • Empowerment of youth and rural women
  • Support for MSMEs with Rs 10,000 crore fund
  • Promotion of Ayurveda and local products
2 min read

Budget prepared with economic vision, not populism: CAIT President Bhartia

CAIT President B.C. Bhartia says the Union Budget strengthens India's economy with focus on youth, MSMEs, Ayurveda, and rural women empowerment.

"This Budget has been prepared with a fresh economic perspective, moving away from traditional populist approaches. - B.C. Bhartia"

Nagpur, Feb 1

Reacting to the Union Budget presented by Finance Minister Nirmala Sitharaman on Sunday, Confederation of All India Traders President B.C. Bhartia said that this Budget has been prepared with a fresh economic perspective, moving away from traditional populist approaches.

Speaking in Nagpur to IANS, Bhartia said that instead of merely trying to please specific sections of society, the Budget focuses on strengthening the nation as a whole by reinforcing India's economy.

He added that the Budget reflects Prime Minister Narendra Modi's vision of making India a strong and globally competitive economic power.

Bhartia also asserted that special attention has been given to youth empowerment, with the opening remarks of the Budget highlighting "Yuva Shakti".

The aspirations and inspirations of different sections of society have been carefully considered, he said.

He also appreciated the emphasis on promoting Ayurveda, which will directly benefit rural communities involved in collecting medicinal herbs, while simultaneously reducing healthcare costs.

According to Bhartia, the Budget also addresses key areas such as education and healthcare by aiming to reduce associated expenses, which is crucial for long-term development.

Initiatives like "One District, One Product" have been strengthened to boost local production and employment.

Provisions have also been made for water conservation in villages, including measures to keep ponds and water bodies replenished.

He also highlighted that special focus has been placed on empowering rural women and increasing their participation in the economy, saying that when money reaches the grassroots level, overall economic growth accelerates naturally.

On the question of special provisions for retail trade, Bhartia said that an entire paragraph in the Budget has been dedicated to MSMEs.

Acknowledging the long-standing issue of credit availability for small businesses, the Union government has announced a separate Rs 10,000 crore fund to support MSMEs.

The CAIT President added that interest rates have been reduced to ease the burden on traders whose funds are often stuck due to delayed payments.

"This will ensure better access to affordable credit, enabling traders and small entrepreneurs to expand their businesses smoothly," Bhartia remarked.

- IANS

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Reader Comments

A
Ananya R
The emphasis on 'Yuva Shakti' and women empowerment is commendable. But I hope the schemes reach the ground level effectively. Often, the vision is great but implementation in villages is slow. Fingers crossed for this one.
S
Suresh O
Promoting Ayurveda and water conservation in villages are excellent steps. This supports our traditional knowledge and addresses real rural issues. My family in the village depends on medicinal plants; this could be a game-changer for them.
P
Priyanka N
Reducing education and healthcare costs is crucial for middle-class families. That's where we feel the pinch the most. If this budget delivers on that promise, it will be a true blessing. Let's see the fine print.
V
Vikram M
As a small business owner, the Rs 10,000 crore MSME fund and lower interest rates sound very good on paper. My respectful criticism: the problem is never the announcement, it's the actual disbursement. Banks need to simplify the process, not just reduce rates.
K
Kriti O
'One District, One Product' is a fantastic idea to boost local economies and create employment. Hope it gets proper marketing and export support too. Jai Hind! 🇮🇳

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