Andhra Pradesh - Hyderabad   

Package to boost infrastructure

HYDERABAD: The State government is planning to announce special packages in the infrastructure sector to overcome the adverse impact of the global economic slowdown on the economy.

The Rs. 6,000 crore package will involve investments in capital expenditure and infrastructure, mostly on irrigation and roads. This will increase consumption of steel, cement and other material, thereby kick-starting economic activity, Chief Minister Y.S. Rajasekhara Reddy said after giving away awards to entrepreneurs at the 90th annual meeting of the Federation of Andhra Pradesh Chamber of Commerce and Industry here on Thursday.

Stating that the general slowdown was a “reality facing everyone of us”, he said the government understood the need for spending more public money on infrastructure. The Centre was also working out modalities to announce a big package to give fillip to infrastructure and manufacturing sectors.

Dr. Reddy exhorted the industry not to get unduly worried about the recession as there were responsive State and Central governments that were prepared to do everything to beat the slowdown. The industry on its part should take all possible measures and tighten its belt. Efforts should be made to concentrate on the use of technology for reducing costs. “Industry should rise up to the occasion and meet the challenge,” he said.

FAPCCI president Suraj Prasad Agarwal, who presided, suggested that the government take steps to bring down CenVAT from 14 to 10 per cent and service tax from 12 to 10 per cent as the tax collections were falling. He wanted the government to allot five acres of land at Gachibowli to FAPCCI for setting up Rajiv Gandhi Knowledge Centre of Excellence, an institution dealing with infrastructure issues.

FAPCCI past president Sudhir Sanghi welcomed the gathering.

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