Agri Business

Budget disappoints on some counts, says agro foods chamber

Our Correspondent Madurai | Updated on March 02, 2011

Budget 2011-12 has given priority to agriculture, agro food processing and post-harvest preservation to minimise wastage.

However, the Budget has disappointed on other counts, the Agro Food Chamber of Commerce and Industry, has said.

Mr S. Rethinavelu, Chamber President, in a statement here said that interest waiver for agriculture loan, raising the credit availability for farmers, allocation of Rs 10,000 crore to Nabard for short term rural credit fund, establishment of mega food parks, encouragement to private sector in cold storage facilities, among other, are laudable.

Market cess

Mr Rethinavelu thanked the Finance Minister, Mr Pranab Mukherjee, for insisting that State governments review and enforce a reformed Agricultural Produce Act.

He pointed out that the system of levying market cess needed reconsideration and farming activities corporatised without disturbing ownership rights to boost agriculture production.

IT Exemption

He also said that the income-tax exemption ceiling could have been increased to Rs 2,00,000 as recommended in the Direct Taxes Code.

And that the expectation of duty concession on petroleum products has been belied.

To facilitate the introduction of the Goods and Services Act on April 1, 2012, a Constitutional amendment needs to be introduced in the current session of Parliament itself, he added.

Published on March 02, 2011

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