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A disappointing Budget for AP, T: CII
The Andhra Pradesh and Telangana chapter of Confederation of Indian Industry (CII) said the Union Budget for 2014-15 presented by Finance Minister Arun Jaitley.
Hyderabad: The Andhra Pradesh and Telangana chapter of Confederation of Indian Industry (CII) said the Union Budget for 2014-15 presented by Finance Minister Arun Jaitley on Thursday was a disappointing affair when it came to AP and new state of Telangana.
“It was a little disappointing Budget for AP and Telangana. Though many promises made during the bifurcation process were incorporated, there was no clarity on many things. The Finance Minister made announcement about four to five things. But we expected some details. However, we have to see whether there will be clarity in the fine print,” Suresh Rayudu Chitturi, chairperson of CII AP & Telangana, and MD of Srinivasa Hatcheries, told media here.
He further said that promises made during division should not be delayed for long. “The main worry is that whether there will be any delay implementation of promises, including the budgetary support to bridge the revenue gap in AP,” he said. He however said it was a very progressive Budget overall and all the recommendations made by CII were accommodated.
“It is a forward looking budget which is the need of the hour now for both economy and the country as well,” he said.
According to him, there was a lot of thrust on education and skill development. “We should now look forward to growth statistics accelerating. As Finance Minister mentioned in his address, we may expect eight to nine per cent GDP growth in two to three years. That should be our target,” he maintained.
Pointing out that the country’s biggest priority was to create more and more jobs, Chitturi maintained that issues like price rise and inflation can’t be checked unless structural issues were addressed effectively. “Government is not in a position to give more subsidies. So, it started addressing those structural issues in the Budget,” he said. Vanitha Datla, vice chairperson,CII- AP &T, expressed relief that there were no harsh measures in the Budget 2014-15. “The measures announced in the Budget are aimed at developing an ecosystem that will spur overall economic growth,” she said.
According to her, earlier budgets had focused more on subsidies and social welfare schemes, but the maiden Budget presented by Mod government maintained balance between populist and growth-oriented initiatives. She further said the Budget mainly focused on infrastructure and skill development.
