The Union Budget has unclogged a whole spectrum of economic opportunities and has something for everyone. From focus on technology-driven agriculture to creation of a knowledge-based society, it has opened up many fronts. Kerala must work to utilise these emerging opportunities, say industry leaders here on Wednesday.
Chairman of the Confederation of Indian Industry Kerala State Council Geemon Korah says the Budget announcements referred to areas where Kerala has great strengths while changes in the personal income tax structure will help every category.
He say the Budget has lined up assistance for the fisheries sector, including support for shrimp aquaculture, and provides for opening new nursing colleges across the country. The theme-based tourism cities too hold out opportunities for Kerala, which has traditionally been known for its tourism business.
Alex Ninan, a leading seafood exporter, says the details about allocation for the fisheries sector is not yet known. However, what can immediately be made out is that shrimp aquaculture stands to gain with reduction in duty on inputs for shrimp feed production.
CII Kerala chapter’s past chairman M.S.A. Kumar says many announcements are future-oriented whose impact will be known in the long term. The importance of a substantial rise in capital outlay cannot be overemphasised, he says pointing out that the Budget is an inclusive one.
MSMEs have been given due importance in the Budget announcements and a cross-section of new initiatives, including higher allocation for the Railways, will help MSMEs make gains, says P. Ganesh, who is also a past chairman of the CII Kerala chapter.
Food processor Sreenath Vishnu, who is also the immediate past chairman of the CII, says the emphasis in millet production will help the food processing industry in a big way.
Ajay George Varghese, who is from the Ayurveda industry, says provisions for skilling of young people, artificial intelligence etc., should be utilised fully by a State such as Kerala.
The opportunities being opened up on waste management, especially urban waste management, should be exploited, he said.
A. Gopalakrishnan, senior partner in K. Venkatachalam Aiyer and Co., says the Budget has emphasis on knowledge-based growth, achieving excellence in artificial intelligence and re-skilling.
Vivek Krishna Govind, senior partner in Varma and Varma, welcomed the overall direction of the Budget, including the efforts detailed for improving the ease of doing business through reduction in number of compliances.
