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Our Bureau

Mangalore, Feb. 29 The Union Budget proposals for 2008-09 will help in the growth of the manufacturing sector in the country, according to Mr K. Narasimha Prabhu, President of Kanara Chamber of Commerce and Industry (KCCI).

Presiding over a panel discussion on the Union Budget 2008-09 in Mangalore on Friday, Mr Prabhu said that apart from manufacturing sector, the pharma and automobile sectors will also benefit from this budget.

Welcoming the decision to waive farm loans, Mr K. Prakash Rao, President of Karnataka Cashew Manufacturers’ Association, said, “We did not expect a waiver to the tune of Rs 60,000 crore. We expected a farm loan waiver of Rs 30,000 crore in this Budget,” he said.

Mr S.S. Kamath, Chartered Accountant, said that KCCI’s suggestion on personal income tax seems to have been accepted by the Finance Minister, if the tax proposals on that topic are any indication. He termed the Union Budget for 2008-09 as an ‘election budget’.

Mr G.G. Mohandas Prabhu, President of Kirana Merchants’ Association, Mangalore, said that no fillip is given for agro and industrial sectors in the Budget. “This Budget will not herald growth,” he said.

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