A major blow to Telangana: FTCCI

Hyderabad: Investors and digital economy were given a big priority with Rs 2.73 lakh crore allotment, but a big disappointment for Telangana as no support is given to the State, observes K Bhasker Reddy, president, FTCCI.

Reacting to Union Budget, Reddy said, "Overall a big push to infrastructure and agriculture development where a long-term goal oriented measures can be seen, but not so much to cheer up common man with decisions on direct tax. Earlier promises like one lakh crore to State govt and Rs 24,000 crore proposed by NITI Ayog, Rs 5,000 crore to Hyderabad pharma city, all were ignored. Even 15th Finance Commission recommendation of Rs 723 crore grant was completely ignored. It's a mixed bag".

Representatives of the Federation of Telangana Chambers of Commerce and Industry (FTCCI) interacted with the media here on Tuesday after the Budget presentation.

Senior vice president, FTCCI, said, "Gati Shakti's initiation to build 100 new cargo terminals going to benefit the State. We are now spending 5-6 per cent extra on transportation costs compared to Chennai due to non-availability of a seaport here."

Meela Jayadev, Vice-president, FTCCI, said, "removal of import duties concession on 350 items same as in the previous budget makes import costly and will benefit domestic production. Other challenges such as labour problem, electricity charges were not addressed. PM Gati Shakti offering multi modal logistics is going to benefit rail, road, health and education sectors".

VS Sudheer, member of Indirect Tax committee, FTCCI, said, "Surcharge is decreased from 12 per cent to 7 per cent, which is going to benefit companies not the common man. Regarding indirect taxes there is complete silence; need to look for finance bill."

Ramanath Inani, a FTCCI member, said a bold move is taken on digital currency and cryptocurrencies are taxed at 30 per cent. Bringing 1.5 lakh post offices under core banking is a good move.