Trade and industry leaders in Telangana welcomed the Union Budget for 2017-18 for its thrust on development of rural economy, farming, affordable housing and infrastructure besides reducing the corporate income tax for MSMEs.
Overall the budget is very positive, forward looking and in line with the expectations, CII Telangana Vice Chairman V. Rajanna said, pointing to the big boost it accorded for infrastructure, including airport modernisation, skill development and education.
It is consistent with the Make in India, Digital India and Clean India programmes of the Government, former Chairperson Vanitha Datla said, while Anil Kumar V. Epur, former chairman of CII-SR, hailed proposals related to Model Contract Farming Act and setting up of new mini labs in Krishi Vigyan Kendras.
The reduction in corporate tax, from 30 per cent to 25 per cent, on companies having turnover upto ₹ 50 crore, Chairman and Managing Director of Meera & Ceiko Pumps Mahesh Desai said would cover 97% of the micro, small and medium enterprises. The downward revision in the rate would lead to capital formation. The MSMEs, he added, were looking forward to a Technology Fund for helping them modernise their machineries. Doubling the credit disbursement under the Mudra Yojana would support the MSMEs.
“The measures for affordable housing, farmers and rural economy besides development of infrastructure open up avenues for investment and new livelihoods,” CII Telangana Chairman Nrupender Rao said.
Chairman of Telangana State Council for FICCI Devender Surana said even while maintaining the revenue deficit the Budget seeks to provide a substantive push on the infrastructure spend. Transparency in election funding is a longstanding need of the country, he added.
