The Cochin Chamber of Commerce and Industry welcomed various proposals in the State Budget, but expressed apprehensions over achieving them as expected since they will largely be dependent on the Central share of funds.
It is heartening to note the increase in tax revenue from ₹47,661 crore in 2020-21 to the expected ₹78,000 crore in the current fiscal. This has largely been due to higher voluntary tax compliance due to GST laws, digital economy, and the thrust on cashless transactions. The Budget proposal regarding private industrial parks and tourism centres too are welcome. The convention centres that have been mulled will require the State government’s help, even if private entrepreneurs set them up.
The setting up of an expert committee to study and report ways to help retail traders compete with shopping malls, retail chains, and online marketing places too is a welcome gesture since small traders who invest even in villages are large contributors to the State’s economy. The emphasis on sports economy, by hosting national and international events, was yet another welcome step, the chamber said in a release.