While welcoming the first budget of the Narendra Modi government, CII Vizag zone vice-chairman Neeraj Sarda said that it was an elaborate statement covering new grounds.
In an interview, Mr. Sarda, who is a Director in Sarda Metals & Allows Ltd, told The Hindu that for the first time, focus was made on long-term goals without giving too much importance to populist measures.
Blue revolution, manufacturing, infrastructure, logistics, urbanisation and normal incentives promised in the Budget would definitely boost the economy and create job opportunities. Raising FDI in defence sector from 26 to 49 per cent would help promote indigenisation in defence production.
Creation of venture capital fund of Rs.10,000 crore to help MSME sector, Rs.3,600 crore for supply of safe drinking water, Rs.200 crore for setting up six textile parks, 100 smart cities at a cost of Rs.7,060 crore, Rs.8,000 crore for inland waterways from Allahabad to Haldia and six new Special Economic Zones were positive signs.
Major pushManaging Director of Sravan Shipping and former CII Vizag zone chairman G. Sambasiva Rao said the Budget had given a major push to industrial growth by proposing 20 new industrial clusters, seven industrial cities, six textile parks which could create plenty of jobs.
“The same kind industrial clusters and ancillary units should invariably come up along the PCPIR region proposed between Visakhapatnam and Kakinada so that potential for regional growth and development of economy could be explored fully,” he said.
At the same time raising the FDI limit on very selective in domestic manufacturing sector can create more export opportunities and thus earn foreign exchange.
“Ten-year tax holiday for power companies is another major announcement. By involving PPP mode we can complete all the infrastructure projects like building expressways through industrial corridors, airports, gas grid along 15,000 km of additional pipelines and SEZs,” Mr. Rao stated.
