Financial Daily from THE HINDU group of publications
Monday, Jul 12, 2004
Financial Daily from THE HINDU group of publications Monday, Jul 12, 2004 |
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Industry & Economy
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Budget Karnataka: Budget evokes mixed reaction from industry Our Bureau
Mangalore , July 11 BUDGET 2004 has evoked a mixed response from members of commerce and industry here. The President of Kanara Chamber of Commerce and Industry (KCCI), Mr R.D. Kini, who welcomed the decision to set up an investment commission, told Business Line that it will help boost investments in the country and create more jobs. However, he expressed concern over the move to hike duty on scented supari. But the President of the Kanara Small Industries Association (KSIA), Mr K. Jayaraj Pai, said, the decision to remove 85 items in SSI sector from the reserved list will pave the way for the local entrepreneurs to compete with the world market. Though the decision to introduce credit rating for SSIs is good, the bankers should also cooperate in this matter, he said. The former Chairman and Managing Director of Syndicate Bank, Dr N.K. Thingalaya, said the Government has taken timely decision on agriculture sector. On doubling agriculture lending, he said that infrastructure creation is essential for this. Dr Thingalaya said that farmers should be linked to market through cooperative agencies and the proposal to set up a national horticulture mission is a good move in this regard. The Honorary Secretary of KCCI, Capt J.P. Menezes, who is also a marine engineer, said the option to pay tonnage tax would have better cascading effect on all. It will provide level-playing field for Indians in the world shipping industry. Mr Giridhar Prabhu of Mangalore Cashew Manufactures' Association welcomed the proposal to set up National Horticulture Mission. "We hope that there will be focus on increasing the area of production of cashew nuts under the mission," he said. On the proposal to rejuvenate defunct water bodies, he said that water bodies are great economic drivers for any country.
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