Industry & Economy
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Budget
AP Chamber lauds procedural reforms
Our Bureau
Hyderabad
,
Feb. 3
THE Government's approach to use even the limited instrument of the interim Budget to announce policy and procedural reforms emphasises its commitment to furthering India's competitiveness and economic growth, the Confederation of Indian Industry (CII-AP) has said in its first reactions.
The Chairman of CII-AP, Mr Satish Reddy, said that not only has the fiscal deficit been brought down from the Budget estimate of 5.6 per cent of GDP to 4.8 per cent, but this interim exercise has furthered the cause of reforms through specific measures.
The initiatives on the power sector, packages to revitalise the tea and sugar industries, halving stamp duty on Government stamp paper, deemed export benefits to Indian capital goods manufacturers, increase flow of credit for SMEs, e-measures in Customs and competitive tonnage tax scheme for the shipping industry are all positive moves to buoy up the industry and economy, the CII said in a release.
The Federation of Andhra Pradesh Chambers of Commerce & Industry (FAPCCI) has said the Finance Minister's request to banks to lower the rate of interest on crop loans, the agriculture infrastructure and credit fund, small and medium enterprise fund etc. would benefit the farming and small industry sectors.
Extension of exemption from capital gains for a further three years for listed equities acquired on or after March 1, 2003, will have a positive effect on the stock market.
Overall, the FAPCCI President, Mr S.S.R. Koteswara Rao, in a press release felt that the Finance Minister has kept to the basic theme of `feel good factor,' projecting a stable economy, assured growth and enhanced national prosperity.
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