The Hindu : Budget: industry buoyant

Online edition of India's National Newspaper
Saturday, Mar 01, 2003

Southern States

Southern States - Kerala

Budget: industry buoyant

By Our Staff Reporter

KOCHI FEB. 28. While trade and industry in the State in general have welcomed the Union Budget presented by the Finance Minster, Jaswant Singh, in Parliament, the agricultural sector is not so upbeat about the budget which the common man feels is "different''. One major announcement for the State is the development of the Kochi port and industry circles have welcomed the same.

The Kerala Chamber of Commerce and Industry president, E.S. Jose, has termed the union budget as a growth-oriented one. In a statement issued here today, he said the provision of Rs..7,500 crores for the modernisation of Navasheva and the Kochi port would give thrust to development of the State. The price stabilisation fund for tea, coffee and natural rubber would be beneficial for these commodities, he said. He welcomed the excise duty relief to the textile industry, the reduction in interest rates for the SSI sector and the tax benefits to housing sector. The provision of Rs.40,000 crores for the National Highway Development Fund would boost overall economic growth, he said. The reduction of Central sales tax to 2 per cent and the promise to phase out the tax system would enable easy compliance of Value Added Tax to be implemented throughout the country from April, 2003, he added. But the imposition of levy of 50 paise per litre each for petrol and diesel would have an adverse impact on the economy, especially that of Kerala, he said.

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