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TS Budget evokes mixed reactions from industry
Industry bodies welcomed 2017-18 budget introduced by Telangana government saying the new budget focusing on welfare, infrastructure and rural development and these measures will strengthen the state economy.Â
Hyderabad: Industry bodies welcomed 2017-18 budget introduced by Telangana government saying the new budget focusing on welfare, infrastructure and rural development and these measures will strengthen the state economy.
CII Telangana chapter said the State budget carries forward a series of welfare measures initiated after the bifurcation. However, Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry (Ftapcci) observed that non-reimbursement of VAT will adversely affect the industry.
Especially, the irrigation projects, rural development and social development get a major thrust, said the newly elected chairman of CII Telangana V Rajanna, vice-president and regional head at TCS.
Rajanna further said: “Despite demonetization causing economic disruption, Telangana registered a high growth with 19.61 percent, which is a phenomenal achievement and was possible primarily due to proactive policy measures by the state government like TSiPASS that ensured an investment of 58,341 crore with an employment potential of 2.20 lakhs. Plan for textile parks at Warangal and Sircilla is a welcome step.”
CII further observed that industry played an important role in the distinct upward shift in growth trajectory ever since the state bifurcation. “We appreciate the move to develop other centers of growth through special focus to decentralized planning,” adds Rajanna.
“Moving away from the conventional plan and non-plan expenditure to a uniform system of accounting through expenditure on revenue and capital, is a bold and positive move,” said Sanjay Singh, vice-chairman of CII Telangana and chief executive at ITC Ltd.
No VAT reimbursement
Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry (Ftapcci) has terms the latest budget as backward classes budget.
Ravindra Modi, president, FTAPCCI, said: “The Telengana state budget for 2017-18 with a total outlay of Rs 1,49,646 crore is about 34 percent increase on the revised estimates of 2016-17. There is lot of emphasis on welfare of backward classes and it can rightly be called as the backward classes budget. Unfortunately, there is no allocation for reimbursement of VAT.
This would adversely affect the viability of newly established SMEs as there is a backlog of Rs 1,651 crore of incentives under various heads.”
Ftapcci further adds that other sectors got higher allocations including urban development and irrigation. Though budget allocations indicate an outlay of Rs 985 crore to the industry, the actual amount available for incentives (205 cr), power subsidy (180 cr), Pavalavaddi (70 cr) and prevention of incipient sickness (50 cr.) is Rs 505 crores.
Unfortunately, there is no allocation for reimbursement of VAT. This would adversely affect the viability of newly established SMEs as there is a backlog of
Rs 1,651 crore of incentives under various heads
By:Ravindra Modi, president, Ftapcci
