Industry in Andhra hails budget as growth-oriented

By Indo Asian News Service | Thursday, February 28, 2013 | 8:34:05 PM IST (+05:30 GMT) Comment 0 Comment

Hyderabad, Feb 28 (IANS) Industry in Andhra Pradesh hailed the national budget for 2013-14 as balanced and growth-oriented.

Hyderabad, Feb 28 (IANS) Industry in Andhra Pradesh hailed the national budget for 2013-14 as balanced and growth-oriented.

"This is a balanced and growth-oriented budget with good intentions for inclusive and sustainable development. The budget has a long-term aim of reviving the ailing economy. The announcements are positive, but implementation is key," said G.V.K. Reddy, founder chairman and managing director, GVK Group.

"The finance minister had a very difficult challenge in balancing between growth and populism. In spite of the challenge he presented a positive budget balancing between growth imperatives and populist needs," said B.V.R. Mohan Reddy, chairman and managing director, Infotech Enterprises, a leading technology solutions provider.

Extending the incentives for three years for small scale IT firms even after crossing the small and medium category limit is a welcome step, he said.

Suchitra Ella, chairperson, Confederation of Indian Industry's (CII) Andhra Pradesh chapter, described budget as progressive and growth-oriented.

She felt that establishing of a separate bank for women is a historical move and it will help for rural women to do business. Development of Chennai-Bangalore Industrial Corridor will be significantly benefiting the districts of Chittoor and Nellore in Andhra Pradesh, she said.

Anil Kumar V. Epur, past chairman, CII southern region pointed out that 22 percent increase for agriculture sector will help agriculture to grow further. The funds allocated for crop diversification will encourage farmers to grow alternative crops, he said.

Harish Chandra Prasad of Malaxmi Infra Ventures (India) Pvt. Ltd said that overall the budget is positive for infrastructure sector. He believes that some of the measures announced in the budget for wind energy will be helpful for growth of renewable energy sector.

D.V. Manohar, chairman and managing director, Shri Shakti Resorts & Hotel Ltd, however felt that imposing of service tax on restaurants will impact the hotel industry negatively.

Debasis Chatterji, CEO, Netxcell Limited said that there are no benefits to boost telecom sector. On the contrary, enhancement of excise duty from one percent to six percent on mobile phone, costing more than Rs.2,000, is going to make smart-phones more expensive.

Ramesh Loganathan, vice president-products and centre head, Progress Software said he was impressed with the thought that has gone into helping foster a start-up ecosystem. He hailed stipulation that allows corporate support for academic incubators to qualify for the mandatory corporate social responsibility.

He also welcomed clarification that angel investors, which are not yet categorised by the regulator, will be now clubbed with venture capital or social funds.

He said that the incentives for semiconductors industry including zero customs duty on plants and machineries, and the 15 percent investment deduction allowance introduced for investments of Rs.100 crores or more in plant and machinery is appreciative.

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