• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Our Bureau

HYDERABAD, Feb. 28

THE Budget initiatives in the agricultural sector provide ``freedom for farmers'', Mr Omprakash Tibrewala, Senior Vice-President of the Federation of Andhra Pradesh Chambers of Commerce and Industry, has said.

The proposal to formulate an integrated food law would be of interest to States such as Andhra Pradesh that are major contributors to the foodgrain production in the country. Increased allocation for agricultural research is a welcome measure. Attention was also paid to the fine-tuning of credit for agriculture and extension of insurance coverage to that sector, he said.

Higher allocation of funds for infrastructure projects such as roads and ports would stimulate the economy as it generates higher demand for cement and steel. Change in the application of Income Tax Act, levy of 5 per cent surcharge on corporate and individual income and taxing dividend from the receiver would add to the hardships of direct tax payers.

Mr Tibrewala said the capital market needed further stimulus. Bringing the services sector into the tax net could slowdown the growth of the national domestic product.

The rise in kerosene and LPG prices and the reduction of interest rates of small savings might depress the domestic demand.

Send this article to Friends by E-Mail

Stories in this Section
Freedom for farmers: FAPCCI

Copyright © 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line