The Union Budget has evoked mixed reaction from the industry and the corporate sector in the city.
Mysore Industries Association (MIA) — which represents small and medium industries of Mysuru, Mandya and Chamarajanagar districts — described it as long-sighted and development-oriented.
MIA president P. Vishwanath and general secretary Suresh Kumar Jain welcomed the creation of National Infrastructure Investment Fund, 5 per cent reduction in corporate tax, Rs. 1,000 crore for incubation and facilitation centres to promote first generation entrepreneurs, and increase in the funds for infrastructure like roads (Rs. 14,000 crore), railways (Rs. 10,000 crore), and so on.
Welcoming the introduction of Goods and Services Tax (GST) from next year, the MIA said it would give a boost to business and industrial growth.
CII welcomes budget
The Confederation of Indian Industry (CII), Mysuru chapter, described the budget as pragmatic and sustainable. Newly-appointed Chairman for 2015–16 N. Muthukumar said the focus on infrastructure, rationalisation of tax collections such as abolition of wealth tax, and timeline for implementation of GST were welcome.
Vice-Chairman Arjun Ranga said the budget looked promising and a firm road map for the ‘Make-in-India’ plan, with emphasis on education, healthcare and infrastructure, are very important for Mysuru.
Allocation of Rs. 20,000 crore for cottage industry will generate more employment in the sector in rural areas P. Vishwanath, president, Mysore Industries Association
Visa on arrival for 150+ countries and inclusion of yoga in the ambit of charitable purpose under the IT Act will attract tourism to Mysuru
N. Muthukumar, Chairman, Confederation of Indian Industry
