The Hindu Business Line : Chambers hail budget

The Indian Chamber of Commerce and Industry has welcomed the revised State budget saying that measures to establish Technocity, hi-tech corridor, industrial township at Palakkad and food processing industry at Wayanad are some of the good features.

The proposal meant for agriculture sector and traditional industries will provide some relief to those who are engaged there.

Mr Balagopala B. Pai, President of the Chamber, said that the budget contained novel measures to promote genuine trade such as providing lottery tickets to the bills above Rs 1,000 by providing 10 per cent incentive to the local bodies for preventing inter-state smuggling.

Considering the economic and commercial importance of this fast-growing Kochi, the Chamber hoped that adequate and need-based fund allocation would be made to the port city.

Mr N. Sreekumar, President of the Cochin Chamber of Commerce and Industry, said the Government's proposal to exempt from tax the fuel sold through proposed international bunkering terminal would be a major boost and the Kochi port can commence work on the project at the earliest. He said that the tax exemption granted to planters from agricultural income tax was a welcome proposal.

The annual cess proposed to be introduced in rubber plantations needs to be addressed carefully, since cess amount collected cannot be used for any other purpose other than what is included in the scheme.

The Budget proposes to enhance tax rates on luxury items and on hotels and houseboats. On one side, the tourism sector has been given some benefits by way of providing money for the development of tourism project, but on the other the Government plans to tax end users, he said.

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