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Tea industry says disappointed with Union Budget
Tea industry, which is passing through a recessionary phase, is disappointed with Budget as no sops had been given to the ailing industry.
Tea industry, which is passing through a recessionary phase, is disappointed with the Union Budget as no sops had been given to help it come out of the bad patch.
Indian Tea Association (ITA) chairman CK Dhanuka told PTI, "We are not happy as the Finance Minister did not respond to our aspirations."
Dhanuka said an additional excise duty (AED) introduced in the last Budget at the rate of Re 1 per kilogram to create a fund for development purposes of the industry should have been withdrawn as it was adding to the costs of production directly.
He also said the Budget for 2004-05 did not speak a word about disbursal of money from the fund which was created by way of collection of AED whose corpus now stands at Rs 60 crore approximately.
Dhanuka said the Finance Minister should have given some sops to the ailing industry at this point of time.
Williamson Magor group chairman BM Khaitan also expressed mild dissatisfaction as the Budget had no provisions for the tea industry.
