Budget inclusive and balanced, says CII
The Confederation of Indian Industry (CII) Puducherry, has described the union budget as 'an inclusive and balanced' one.
In a press release here on Saturday, CII chairman C Chinnasamy said that the budget has focused on growth in crucial sectors like agriculture, education, health and defence. The increased allocation of funds for these sectors and announcement of new schemes and projects would boost the economy, he said.
The hike in exemption limit in Income tax and also cut in excise duties imposed on cars would improve the lifestyle of the people, he said.
Vice Chairman of CII (Puducherry) Sriram Subramany, however, pointed out that the industry's expectation on some reduction in corporate tax in the budget had been belied.
He said all export companies also anticipated concessions in view of the rupee appreciation and global recession. This had not come true.
Subramanya said waiver of loans from farmers to the extent of Rs 60,000 crore was most welcome and also necessary.
The raising of exemption limit for Income Tax assessees was also a step in the right direction as it would help the urban middle class people across the country, he said.