The Puducherry Chief Minister, Mr N. Rangasamy, today presented a Rs 4,830-crore tax-free budget for fiscal 2011-2012.

This is the first budget of Mr Rangasamy who formed the All India (NR) Congress-led Government after dislodging the Congress in the April 13 Assembly polls.

A new industrial policy 2011 was on the anvil for a sustained and balanced industrial growth in all the four regions of Puducherry, Karaikal, Mahe and Yanam. This would create maximum employment opportunity to the youth. A new industrial estate on a 50-acre site would also come up in Puducherry.

The Government has decided to raise interest subsidy from Rs 75,000 to Rs 5 lakh for five years to encourage entrepreneurs to start industries in the Union Territory.

It has also increased the capital subsidy from Rs 25 lakh to Rs 50 lakh for industries set up by SC/ST and ten per cent of the area would be earmarked in the new industrial estate for units set up by women belonging to SC.

Bus travel would be free for school children and Re one being collected so far has been abolished.

Mr Rangasamy also announced that the housing subsidy granted for conversion of huts into concrete structures would be raised from Rs 1 lakh to Rs 2 lakh during this year under the Perunthalaivar Kamaraj Centenary Housing Scheme in view of a hike in the prices of construction materials.

The Chief Minister’s Budget speech was marked by a walkout by the Opposition AIADMK protesting “failure of Rangasamy Government to fulfil all the promises’’ given to people.

Speaker Mr V. Sabapathy kept asking them to go back to their seats but the five AIADMK members staged a walkout.

After the Chief Minister presented the budget, the Speaker adjourned the House till tomorrow.

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