Besides the leaders of the cooperative sector, several grassroots co-operators have also reacted to the Union Budget. Here, we present the views of some of them. One co-operator regrets that no income tax relief for the cooperative sector was announced, while another finds it a balanced budget.
Omprakash Deora, People’s Co-op Bank Vice-Chairman Sunil Deora
“It’s a balanced budget, benefiting the middle class in IT, MSME, etc.”
Rajasthan Urban Cooperative Banks Federation Chairman Mohan Parashar
“Long-term visionary budget. Good initiatives for priorities set for the next five years. No major changes in income tax as expected. The cooperative sector was neglected in terms of income tax relief.”
Mohit Maski, Chairman SUCO Bank
The budget is pro-middle class, with some relief for small taxpayers. The increase in capital gains tax in financial markets is good as it discourages small earners from putting their entire savings in markets. This will boost bank deposits.
A lot of importance is given to employment generation and skill development through internships. I think this is a very good initiative.”
Repco Bank former CEO R S Isabella
“As regards the budget, I consider it friendly to the middle class and upper-middle class. More impetus has been given to employment generation for youth through skill development, which is the need of the hour. Appreciation for the focus on the healthcare sector and measures for improving the health of citizens and the economy at large.”
Namco Bank CEO Vishram Dixit
“It’s in line with the directions of the last 11 years. Special features include: Residential houses under PMAY, Benefits for farmers, Reduced taxes for the salaried class, Continued tax regime reforms, Green energy initiative and Continued infrastructure growth.
However, it missed addressing employment opportunities and skill development programs.”
Kalupur Commercial Cooperative Bank CEO Vinod Dadlani
“Overall, a good budget. However, it would have been better to consider a CRR cut to boost liquidity in the banking sector. For the cooperative sector, except for the Cooperative Policy, nothing major was announced. There were expectations to increase the tax exemption limit for interest on savings deposits, but it didn’t happen. However, the personal income tax slab and standard deduction increase, as well as MSME guarantee schemes, are good.”
Abhinath Shinde of Venkatesh Credit Cooperative Society
We welcome the 2024 budget, as the government has recognized the importance of the cooperative sector for the rural development of India. The drafting of a National Cooperation Policy for the systematic, orderly, and all-round development of the cooperative sector will benefit the fast-tracking of growth in the rural economy and employment generation opportunities.”
