Budget 2023: The Chamber of Trade & Industry (CTI), an organisation created to protect the 20 lakh small business owners in Delhi, has submitted pre-budget representation to the Union Finance Minister outlining its expectations. All economic sectors, particularly the middle class and Delhi’s 20 lakh traders, need relief from the government in the budget, according to CTI Chairman Brijesh Goyal.
According to CTI General Secretaries Vishnu Bhargava and Ramesh Ahuja, the representation was prepared with the help of Delhi traders and tax professionals.
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20 lakh traders have not got relief in last eight years
CTI has stated,
“All sectors need relief from the government in the budget. Especially the middle class and 20 lakh traders of Delhi have not got any relief in the budget in the last eight years and everyone is hopeful that they will definitely get some relief from this budget,”
Furthermore, it suggested that the government reinstate the old cash payment cap in order to make conducting business easier.
“The cash transaction limit has not increased for twenty years. Six years ago, to promote digital transactions, the cash payment limit was reduced from ₹20,000 to ₹10,000. The limit of 20 thousand was running for 22 years,”
Government restore old limit of cash payment
The traders body has asked, among other things, affordable loans for the middle class, separate schemes and packages to support the Make in India effort and the manufacturing industry, and an export hub to support commerce. Given that the next Lok Sabha election is scheduled for April or May of 2024, Budget 2023 is most likely to be the last complete budget of the Modi government during its second term.
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