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Union Budget: industry captains sore

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Industry bigwigs: The CII members watching the budget on television in Hyderabad on Friday.
Industry bigwigs: The CII members watching the budget on television in Hyderabad on Friday.

Special Correspondent

HYDERABAD: Industry captains appeared distinctly unhappy with the Union Budget and minced no words in expressing their disappointment.

The State chapter of Confederation of Indian Industry generally felt that Finance Minister P. Chidambaram presented the budget almost along expected lines. While some members called it a populist budget, the lack of mention about biotechnology, textile, tourism, minimal allocations to information technology and continuance of fringe benefits on taxes drew all round flak.

CII chairman Pradeep Dhobale said, “as Mr. Chidamabaram himself admitted, a lot more could have been done for education, health and agriculture sectors.” Vice-chairman Utpal Sengupta said there could be mixed views on the massive waiver of agricultural debts. Future of the textile sector remained grim with the rising rupee and no special reliefs coming forth, said M.K. Patodia of GTN Industries. Suchitra Yella of Bharat Biotech said except for a few concessions to the pharmaceutical industry, there was nothing to benefit biotechnology.

D.V. Manohar of Sakthi Group said the Minister did not give any sops to the tourism industry . He hailed the removal of the “draconian tax” on bank withdrawals.


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