The proposed Metro rail policy could be beneficial to the ongoing Metro rail construction here, opined Federation of Telangana and Andhra Pradesh Chamber of Commerce and Industries (FTAPCCI) office bearers at budget evaluation meet on Wednesday.
In the meet FTAPCCI president Ravindra Modi said that budget, which was based on farmer welfare, rural, youth, poor and under privileged, infrastructure, financial stability, fiscal deficit, digitisation, public sector enterprise, fiscal management, should have made a distinction between Value Added Tax (VAT) and Goods and Services Tax (GST).
“The FTAPCCI among other bodies have been demanding the Government to make GST comply by a single slab for goods which are currently sorted in different categories,” he said. Rail safety introduced as part of the rail, road and water transport development is a welcome step, he added.
The organisation’s new secretary general, T. S Appa Rao said the budget has been in favour of underprivileged population including Schedule Castes, Schedule Tribe, women and farmers. Mr. Modi, however, said the budget looks optimistic even after the demonetisation drive took a different route and did not expose a huge quantity of black money. “Banks are cash flush after demonetisation and that is expected to help the economy,” he said.
The FTAPCCI welcomed the budget and said the economy after demonetisation is expected to stabilise and flourish in the coming months.
