Budget: Industry in MP pins hopes on revival of agri sector

  • HT Correspondent, Hindustan Times, Indore
  • Updated: Feb 29, 2016 21:04 IST
Industrialists and financial experts watching the union budget presentation on the big screen, in Indore on Monday. (Shankar Mourya/ HT photo)

Industrialists in Madhya Pradesh felt that focus of the Budget on agriculture and infrastructure development will indirectly benefit the industry but some said finance minister Arun Jaitley should have announced some direct measures to boost the sector.

Confederation of Indian Industry (CII) state council chairman Girish Mangla termed the budget as ‘average’ but said it will revitalise the rural economy, which in turn will benefit the industry.

“The increase in infrastructure allocation is a welcome step. We were expecting some announcement on goods and services tax (GST) but the finance minister did not mention it during HIS speech,” he said.

Industrialist Ashok Badjatiya said the budget has been designed keeping the next elections in mind.

“The proposed agriculture reforms and increase in expenditure for infrastructure sector will benefit industry indirectly. We were expecting some relief on income tax front but that has not happened.”

Ruchi Soya Industries Ltd managing director Dinesh Shahra said, “The unified agricultural market scheme will provide farmers better access to the market, which will ensure that farmers get the correct prices for their produce.”

Economist Ganesh Kawadia said focus on agriculture was a welcome step, but no steps have been taken to encourage public sector companies to invest more. “The finance minister should have taken some bold measures to boost the economy,” he said.

Chartered accountant PD Nagar said there was something in the budget for every section of the society.

“The allocations for agriculture and the rural economy are particularly noteworthy even though industry would be a bit disappointed,” he said.

Pithampur industry association president Gautam Kothari said the budget was below expectations. “From industry viewpoint, the budget lacks direction. The industry was expecting some concessions to tide over the tough economic conditions. Taxes have been raised indirectly by increasing the surcharges,” he said.

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