lst February, 2019 In response to the Interim Union Budget 2019-20 announced today by the Union Minister Mr. Piyush Goyal, GCCI President Dr. Jaimin Vasa and his team of office bearers mentioned that it was an overall favorable budget as steps to promote welfare of small farmers and low-income workers, as well as initiatives towards rural development, digital infrastructure development, and tax incentives to individual taxpayers have been announced. 
• GCCI President mentioned that the report of the government as well as new initiatives for the coming period have been announced in the budget. Also, a 10-point vision for the nation for 2022 has been given for the first time in the budget which is applaudable.

• Dr. Vasa appreciated the increase in FDIs over the last 5 years. He further applauded the initiatives of setting up of Rashtriya Kamdhenu Yojana and a separate department for the fisheries sector announced in the budget, and said that these steps will provide a boost to the dairy, animal husbandry and fisheries sector of Gujarat. He also appreciated the step of providing 2% interest subvention for farmers pursuing animal husbandry.

• Dr. Vasa added that the announcement of direct credit of Rs. 6000 in the bank accounts of farmers having land upto 2 hectares is a welcome step. • Dr. Vasa appreciated the announcement of Mega Pension Scheme under which government will provide assured monthly pension of Rs. 3000 to workers from the unorganized sector, after the age of 60 years with contribution of Rs. 100.

• Dr. Vasa added that initiatives such as digitalization of villages and creation of an artificial intelligence portal are also appreciable steps which will reap benefits in the future.

• GCCI's Sr. Vice President Shri Durgesh Buch appreciated the step to increase the tax-exempt slab from Rs. 2.5 lakhs to Rs. 5 lakhs. He also added that the increase in Standard Deduction from Rs. 40,000 to Rs.50,000 will provide added benefit to the middle-class taxpayers.

• Shri Buch added that the increase in TDS threshold on interest on bank and post office deposits from Z10,000 to 240,000, and raising the TDS threshold on rental income from Z1.8 lakh to 22.4 lakh are also welcome steps. He added that the step to exempt second self-occupied house is also applaudable.

• Shri Buch also remarked that if this scrutiny is done within 24 hours through digital process and refunds issued immediately, it will greatly boost the confidence of the taxpayers towards the government and also put an end to corruption. Overall, the GCCI Office bearers were of the opinion that the budget is a favorable, well-thought out and forward-looking budget.