GCCI gives budget ‘7’ on 10 rating
The Goa Chamber of Commerce and Industry welcomed the Union Budget presented by Union Finance Minister P Chidambaram, with chairman Manguirish Pai Raikar rating the budget ‘7’ on a scale of 10.
The industry welcomed the sops to industry for investing in infrastructure, for small scale industries as well as encouragement to FII and FDI investment in the country.
“We feel he has done a good job. We know he is aiming for growth in terms of GDP,” Raikar told media persons referring to the finance minister’s proposal to boost Foreign Direct Investment, Foreign Institutional Investment as well as sops to companies that invest in plant and machinery, as well as sops to infrastructure development.
Speaking about the benefits to Goa, Raikar said that the State which consists of mainly small and medium ancillary industries will benefit from the proposal to extend the non-tax benefits available to Micro, small and medium enterprises (MSME) for up to three years after it graduates into a higher category of industry.
He however lamented that there has been nothing specifically for Goa or for tourism mentioned in the budget.
“There’s nothing about Goa, but we fall along the Bangalore-Mumbai development corridor and we also fall along the Chennai-Goa Rail corridor but there has been no development either for MPT which is still a single cargo port as well as the double track from Vasco to Londa which was promised last year is yet to have work started,” he said.
Binayak Datta of Zuari Agro said that the agricultural announcements mentioned in the budget were only going to lead to higher inflation.
Industry honchos have however promised to take it up once again with the MPs representing the State that the needs of the State have to be addressed including making the MPT a multi-commodity port, incentives for the people affected by mining, etc.
“There’s nothing to cheer about on the mining front. India has a lot of untapped materials and resources. He could have given some outlay for mineral prospecting.”
— Glenn Kalavampara, GMOEA spokesperson
“Nobody is talking about investment. Bulk of the budget is to take care of problems which have come upon us…. bottlenecks that have come up. It’s a budget which wants to build confidence, but many of the demands, we the CII had raised were not addressed.”
— Anil Kher Chairman Goa Chapter.
“There are no incentives for the auto sector. In fact in Goa growth is down by almost 30%.”
— Prashant Joshi, President Goa Auto Dealers’ Association
“Increase in outlay for rural development schemes is going to result in increase in inflation, especially food inflation. This is not healthy.”
— Binayak Datta Advisor of Corporate Affairs of Zuari Agro Chemicals [H]