Business Daily from THE HINDU group of publications
Wednesday, Jul 08, 2009
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Business Daily from THE HINDU group of publications Wednesday, Jul 08, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Industry & Economy
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Budget States - Karnataka Web Extras - Rural Development More funds for Bharat Nirman, NREGA to boost rural growth 
Our Bureau Mangalore, July 7 The increase in allocation to Bharat Nirman and NREGA in the Union Budget will help boost rural economic growth, according to the representatives of trade and industry here. Mr G.G. Mohandas Prabhu, a trader from Bunder area in Mangalore, told Business Line that the Finance Minister has made wonderful allocation for Bharat Nirman and NREGA. “That is one way of putting money into the market so that liquidity in the system will improve,” he said. Ms Lata Kini, an entrepreneur from the city, said the Finance Minister seems to be looking for growth through his budgetary measures. Terming the abolition of fringe benefit tax as a great relief, Mr Giridhar Prabhu, cashew processor and exporter, said that even a small enterprise like his had problems in implementing this. “We are happy that the Government has realised the futility of this,” he said. Ms Kini said abolition of FBT was most required. “It was creating complications for us for all business purposes,” she said. Mr Srinivas S. Kamath, President of Kanara Chamber of Commerce and Industry (KCCI), said that people were expecting radical changes in the Budget. But that did not happen. Whatever taxes and surcharge have been abolished is welcome. Welcoming the elimination of surcharge on income-tax, Mr Giridhar Prabhu said that there should not be surcharge or cess on pure Income Tax. He said that proposal to exempt export promotion council from service tax is welcome.
Mr Kamath said budget estimates show huge increase in the expenditure, but that ways to fund the expenditure had not been mentioned. Mr K. Narasimha Prabhu, Chief Executive of ACE Event Managers, Mangalore, said that the Budget has not made any mention about the FDI in insurance and banking sector. Referring to the fiscal deficit, he said it is to be seen how the Finance Minister will bridge the gap. Compared to last year, it has gone up substantially, he added. More Stories on : Budget | Karnataka | Rural Development
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