Industry & Economy
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Budget
`VAT by 2005, a step in right direction'
Our Bureau
Ms Shobana Kamineni
Chennai
,
July 8
THE Finance Minister's commitment to "making VAT happen" by April 2005 was welcomed by members of the Confederation of Indian Industry (CII) Southern Region (SR) as a step in the right direction.
Ms Shobana Kamineni, Chairperson CII (SR) and Director, Apollo Hospitals, said that this Budget with its focus on agriculture, education and other social development would sustain growth in the economy. However, more could have been done for the tourism and healthcare sectors.
Mr T. Kannan, Managing Director, Thiagarajar Mills Ltd, said that the provision made for upgrading human resources especially in the ITI is a good step. The education cess would place almost Rs 5,000 crore in the Government's hands, and if this was deployed well, India would be on top, he said.
Mr V. Srinivasan, Chairman, WS Industries (I) Ltd, said the exemptions given for tractors, dairy machinery and hand tools, reductions on the reserved list for small-scale industry were welcome. But on the negative side, there has been no effort to give a boost to manufacturing, as India has the capacity to become a global sourcing base, he said.
The money spent on the public sector undertakings should have been spent on social projects. He also wondered how the commitment on education and social schemes would be met.
Mr T.T. Ashok, Chairman, CII-Tamil Nadu and Managing Director, Taylor Rubber Industries, welcomed the proposal to set up a desalination plant in Chennai.
The thrust given to horticulture in this Budget was also in line with State's progress.
He said development of the international container terminal in Kochi might shift traffic from Chennai, Ennore and Tuticorin ports, which would be a problem for manufacturers in the State. Another minus point was that the Chennai airport has got a "short shrift", he said.
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