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AP Budget evokes mixed reactions from industry
AP Budget Evokes Mixed Reactions From Industry. The maiden Budget of residual Andhra Pradesh presented by Finance Minister Y Ramakrishnudu evoked mixed reactions from the industrial sector. While the local chapter of the CII welcomed the Budget, the Medium, Small and Micro Enterprise (MSME) sector rued lack of support for it.
CII lauded the maiden Budget while MSME sector rued lack of support
Hyderabad: The maiden Budget of residual Andhra Pradesh presented by Finance Minister Y Ramakrishnudu evoked mixed reactions from the industrial sector. While the local chapter of the CII welcomed the Budget, the Medium, Small and Micro Enterprise (MSME) sector rued lack of support for it.
Suresh Rayudu Chitturi, Chairman, CII AP & T, felt that launching a mission-based development strategy in the budget would certainly have positive impact in delivering the results and implementation of various governmental programmes. “Constituting seven missions in various sectors such as primary sector, social empowerment, knowledge, skill development, urban development, industry, infrastructure and service sector would facilitate the growth momentum, thereby enhancing the living standards of the people,” he said in a statement. On infrastructure, he welcomed the government’s moves to build Greenfield Airport between Vijayawada and Kakinada besides upgrading existing airport in Vijayawada and establishment of LNG terminal at Kakinada. “Setting up of solar power parks in Guntur and Anantapur districts and encouraging the usage of solar pump sets for farmers are on the lines of CII recommendations to the government,” he pointed out.
Suresh was also of the view that setting up fourteen minor ports in public private partnership mode would attract greater investments and leading to industrialization in tier-II and tier-III cities. However, he expressed concerns over the increasing non- plan expenditure and underscored the need to contain the fiscal deficit. Meanwhile, APK Reddy, President, Federation of Small and Medium Enterprises, expressed his disappointment over lack proper incentives for MSME sector in the Budget. “We have expected some measures in the Budge to encourage MSME sector in AP. We are disappointed to see nothing about the crucial sector,” he said.
According to him, the AP Government has to clear pending incentives totaling Rs 1,300 crore. “There is no allocation to clear the dues. The government has allocated Rs 110 crore for IT sector and made a few more allocations. There is now clarity on power tariffs and supply to the MSME as well,” he added.
