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The plantation sector has given its thumbs down to the Budget especially on account of the lower allocation of funds to various commodity boards.
Sources in the sector told BusinessLine that several recommendations of various Commodity Boards such as micro irrigation support, soil fertility management support, export subsidy for tea, etc have found no mention in the Budget speech. The Commodity Boards such as tea, coffee, rubber, spices, etc have to satisfy with a minimal increase in funds in the next financial year which would be insufficient for them after meeting the liability of the 7th Pay Commission recommendations.
Highlighting similar sentiments, Vinod Sivappa, Upasi President, said that there was no specific announcement in the Budget for the plantation sector.
According to CP Krishnan, whole-time director, Geofin Comtrade Ltd, some definite measures for strengthening the spot market, which if implemented in a proper manner, would be ideal in the medium-term for the economy, taking the mid-term as a one-year period.
However, the reduction in corporate tax for small and medium enterprises with below ₹50 crore turnover from 30 to 25 per cent will benefit majority of plantation companies in South India.
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