Visakhapatnam: Trade fraternity in Vizag has bounced back from the devastation caused by cyclone Hudhud and is eagerly waiting the tax sops announced by the then Union government as part of the bifurcation deal.
Almost six months after the new government was formed at the Centre the tax sops are yet to be implemented. Vizag businessmen are of the opinion that the tax holiday promised by the Centre will open gates for investments from other states as well as foreign shores. They believe there is no better place than Vizag in the state with its two seaports, airport with two international flights and a sizeable cosmopolitan crowd that can attract investments.
“There are many countries that have evinced interest in doing business in Vizag. There were indications of both inward and outward investments. Represen-tatives of the US, Canada, Switzerland, Australia and many other countries have visited us. An American Business Corner (ABC) was opened sometime back. They are ready to tap potential of Vizag and this is the right time for the Centre to act quickly and implement tax incentives, which will usher investments from within the country and also from other countries,” Vizagapatam Chamber of Commerce & Industry (VCCI) secretary S.P. Ravindra told this newspaper.
Business community in the state was enthused after the Union government announced that tax holiday will be implemented in the successor state for five years and special status will be accorded to AP. BJP, as part of poll promises, had assured that the tax holiday and special status will be extended to another five years if the party is voted to power.
“Union government should immediately announce special status to AP, sanction financial package to north Andhra districts as announced earlier and tax incentives as promised. Implementation of these three will work magic in the state especially in Vizag,” CII Vizag chapter former chairman and Sravan Shipping, MD, G. Sambasiva Rao told this newspaper....
Location: Andhra Pradesh