Industry members views on union budget

29 February, Hyderabad

Welcoming the budget presented by Arun Jaitely,for 2016-17 Monday, Industry leaders expressed hope that focus on farmer and rural economy will balance the rural and urban economy and hoping to get better clarity on taxation matters.

During a Tele-Viewing Session organised by CII Telangana here , Ramesh Datla, Vice Chairman, CII Southern Region and Chairman and Managing Director, Elico Ltd., opined that the thrust on the nine-pillars, which includes – Agriculture and farmer welfare; Rural sector; Social sector; Education skills and job creation; Infrastructure investment; Financial sector reforms; Governance reforms and ease of doing business; Fiscal discipline; and tax reforms to reduce compliance burden, ensures continuity to the reform process which will strengthen industrialization process and control fiscal deficit.

New focus on reducing litigations will go a long way. Also the EPF reimbursement could play an important role in manufacturing sector companies., N Narasimhan, Managing Director, Tecumsech Products Company Ltd said in a statement here..

Lot of thrust was given to infrastructure sector boosting the ports, roads, railways, and most importantly civil aviation. Budgeting unused and under-used airstrips is a good move. However, the Khelkar Report recommendations were not considered, though bringing private participation to the infrastructure sector was mentioned, Mr. Sanjay Kapoor, General Manager, L&T Hyderabad Metro Ltd said while reacting over the budget.

Creating e-platform to market products and e-procurement by FCI are good moves. Also the rationalization of subsidy, if successful, will lead to lot of structural changes, Mr. P Gopalakrishna, Senior Vice President, Coromandel Fertilizers Ltd said in his statement .

This budget is an innovative and reformist budget. The online and e-platform initiatives in the education sector, including digital verification of certificates is an important move, said Prof. V S Rao, Vice Chancellor, BITS Pilani