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Budget not growth oriented: Indian chamber

business Updated: Jul 06, 2009 20:12 IST

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The Indian Chamber of Commerce and Industry on Monday said the Budget was not growth oriented in the light of a 6.8 per cent projected fiscal deficit.

In a statement in Kochi, the Chamber said the Budget lacks concrete proposals to effectively combat the adverse impact of global meltdown on the export sector.

While extending relief to the agricultural sector by way of interest subvention and loan waiver, it is also essential to formulate constructive measurers for sustained growth of this vital sector, Anil Kumar Prabha, Chamber President said.

Abolition of Fringe Benefit Tax and Commodity Transaction Tax, relief for personal taxation exemption limits and the proposal to overcome difficulties faced by the export trade in Service tax refund are among welcome features, he said.

Indo Amercian Chamber of Commerce National President, S K Jain said radical measurers are needed to revitalise the export sector at a time when tariff and non tariff measures are resorted to by countries, including the developed world to discourage imports and promote domestic economic activities.

There should be greater degree of government support to empower exporters to travel abroad and find newer markets for their products and services, he said.