Industry & Economy
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Budget
Cochin Chamber hails Budget
Our Bureau
Kochi
,
Feb. 3
THE Cochin Chamber of Commerce and Industry has welcomed the measures announced by the Union Finance Minister and said it was "particularly happy that the existing tax structure will continue and that no new taxes have been announced."
According to Mr N.R. Pai, President, appreciating the fact that service tax procedures are to be simplified, the Chamber also welcomed the 50 per cent reduction in Central Government stamp duty rates, the reduction in customs duty on baggage and the increase in free baggage allowance.
The tax holiday announced for foreign BPO companies should provide the necessary impetus for the growth of this sunrise sector in the economy. "The thrust areas declared by the Finance Minister are areas of great importance as far as the development of the Indian economy is concerned," he said.
The Association of Planters of Kerala, while welcoming the interim Budget, said that given the serious crisis the tea plantation industry was facing for the past few years, it was expecting something more for its revival.
"As far as the plantation industry is concerned, there is nothing to cheer about from the announcements in the Budget," Mr Dominic J. Mechery, Secretary, APK, told Business Line.
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