Nation Current Affairs 02 Feb 2019 Andhra Pradesh: Indu ...

Andhra Pradesh: Industry, trade bodies welcome ‘poll’ budget

DECCAN CHRONICLE.
Published Feb 2, 2019, 4:03 am IST
Updated Feb 2, 2019, 4:03 am IST
MSME sector has received a shot in the arm: CII-AP.
CII Andhra Pradesh vice chairman, Mr Vijay Naidu Galla, said that the MSME sector has also received a shot in the arm in the Budget.(Representational Image)
 CII Andhra Pradesh vice chairman, Mr Vijay Naidu Galla, said that the MSME sector has also received a shot in the arm in the Budget.(Representational Image)

Vijayawada: Terming it a people's budget, CII Andhra Pradesh chairman, Mr R.V.S Rudraraju, welcomed the announcement of the Pradhan Mantri Kisan Yojana, a path-breaking farm income support scheme, focussing on small and marginal farmers which is likely to ameliorate the rising stress faced by the farming sector.

“A direct income transfer scheme will not only limit leakages but also prevent market distortions. It is encouraging to note that the scheme has been made financially viable while not ignoring fiscal consolidation. Extending the benefits of 2 per cent interest subvention scheme for farmers engaged in fisheries and animal husbandry, is a welcome move to boost additional income for farmers. The move to provide an additional 3 per cent interest rate subvention for farmers repaying loans in time is a welcome move that acts as an incentive to farmers to repay their loans on time,” he added.

 

CII Andhra Pradesh vice chairman, Mr Vijay Naidu Galla, said that the MSME sector has also received a shot in the arm in the Budget. Measures such as allowing the GST registered SME units to get 2 per cent interest rebate on incremental loan of Rs 1 crore, in addition to increasing the sourcing requirement from the SMEs by Government enterprises to 25 per cent are expected to provide an impetus to the growth prospects of this sector, he added.

AP Chambers of Commerce and Industry Federation president, Mr G. Sambasiva Rao, said, “Exemption of income tax for the five lakhs income basket under Section 87A, is a welcome reform and this could put more money in the hands of the middle class and aid the consumer and services industry at large. Contributor pension for labourers in demonetisation-hit un-organised sector is much needed relief. Tax on deemed rent from second vacant house payable by house owners has also been abolished. This comes as huge relief for home owners and may encourage more people to invest in property,” he said.

Dr Radha Raghuramapatruni of Gitam School of International Business said, “The Government’s vision 2030 of reducing petroleum imports by promoting electric vehicles and energy storage devices is laudable and indicates that a transformation in the automotive industry in on the cards. Electric vehicle revolution reaching India by 2030 is truly a path-breaking effort and will surely provide much-needed impetus to the industry. The Government’s focus on the use of clean energy in the transportation sector would certainly help our country tackle the issue of climate change which is a welcome note. Businesses with less than Rs 5 crore annual turnover, comprising over 90 per cent of GST payers, will be allowed to return quarterly returns. This is great relief to MSMEs,” she said.

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