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Slant in favour of ‘aam aadmi’: Kerala industry
Our Bureau
Kochi, July 6
The trade and industry in the State have welcomed the Union Budget saying that the Government’s social commitment as well as its slant in favour of ‘aam aadmi” is amply evident in the Budget proposals.
Mr Satish Murti, President of the Cochin Chamber of Commerce and Industry, said that the Chamber applauds the Government’s initiatives aimed at uplifting the weaker sections in society especially women. Improving growth in the agriculture sector has found an important place in the budget. The special focus on infrastructure development especially the 23 per cent allocation for national highways development is most welcome, he said.
He appreciated the extension of the Export Credit Guarantee Scheme till March 2010 and the tax holiday for exporters extended until 2012. The move to extend interest subvention to exporters in seven sectors and the recognition for the need to give relief to exporters hit by global financial crisis are welcome. The realisation that foreign capital inflow is important for the growth of the country is a positive step, he added.
Mr S.K. Jain, National President, Indo American Chamber of Commerce, said that radical measures are required to revitalise the export sector at a time tariff and non-tariff measures are resorted to by countries to discourage imports and to promote domestic economic activities. There should be greater degree of support from the Government to empower the exporters to travel abroad and find newer markets for their products and services.
The Budget should have included more proposals to take the reform process to a greater height. “Everyone was expecting some policy announcements in insurance, banking etc. But Budget seems to be silent on these planks”, he said.
Mr K.M. Abdulla, Chairman of Kerala Chamber of Commerce and Industry, said that withdrawal of fringe benefit taxes and surcharge on income-tax, concessions for the export sector, are welcome step. Maintaining corporate taxes unchanged is also a commendable move. Allocation of funds for infrastructure developments, in the farm sector, in the rural development etc. will boost the recession hit economy.
Terming the Budget is not a growth oriented one, Mr Anil Kumar N. Prabhu, President of the Indian Chamber of Commerce and Industry, pointed out that it did not contain any concrete proposals to effectively combat the adverse impact of global meltdown on the export sector other than the mere extension of certain measures already taken.
While extending relief to the agricultural sector by way of interest subvention, loan waiver, etc., it is also essential to formulate constructive measures for the sustained growth of this vital sector.
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