Budget is welcome, particularly thrust on logistics development

‘Legalising cryptocurrencies as an asset class by taxing Digital Assets at 30% is a welcome move, especially for young investors’

The trade and industries sector on Tuesday welcomed the Union Budget 2022-23, particularly the thrust on logistics development, but hoped that spending will also include sufficient fund allocation for projects resulting in reduction in logistics cost to around 8% from the present 14%.

In his remarks, Kanara Chamber of Industry and Commerce (KCCI) President Shashidhar Pai Maroor also hoped that focus on logistics development will include better connectivity between Bengaluru and Mangaluru. Referring to huge logistics cost, he said that reduction of cost by the industry and the government will improve business profitability making India competitive in international markets.

Proposals for four multi-modal logistics parks in public-private partnership mode, a hundred Gati Shakti Cargo Terminals, National Highway expansion by 25,000 km in 2022-23 and unified logistics interface programme just-in-time inventorymanagement are a welcome move, he said.