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CII hails Budget, hopes economy revival

Several entrepreneurs from Andhra Pradesh have termed the Union Budget for 2021-22 as growth-oriented and progressive and pointed out that the announcements made by Finance Minister Nirmala Sitharaman are the right steps to revive the economy.

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CII hails Budget, hopes economy revival
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1 Feb 2021 11:56 PM IST

Visakhapatnam: Several entrepreneurs from Andhra Pradesh have termed the Union Budget for 2021-22 as growth-oriented and progressive and pointed out that the announcements made by Finance Minister Nirmala Sitharaman are the right steps to revive the economy.

Stating India had done a commendable job in not only developing two vaccines to fight Covid-19 pandemic but also in rolling it out successfully, they said the push given to infrastructure and health sectors in the first budget of the new decade would make the country achieve a $5 trillion economy before the deadline.

CII State vice-chairman DT Raju, who owns an agro processing unit in Vizianagaram district, said among six pillars identified by the FM, emphasis had been laid down to primary and secondary health, affordable housing, research and innovation and connectivity by taking up work on Kharagpur-Vijayawada Economic Corridor.

CII Vizag zone chairman Srinivasa Raju said the budget on the whole was good for the investor community as well as the common man. Rationalisation of GST and other taxation systems would benefit trade and commerce, he opined.

RINL Director (Commercial) and zonal vice-chairman of CII DK Mohanty said there would be a significant increase in demand for consumption of steel due to the launching of work on mega infrastructural and housing projects. Incentivising scarp sale would benefit the MSMEs and create new job opportunities, he said.

He declined to comment on strategic sale of public sector units saying it was a policy decision. It may be recalled that there were reports earlier that RINL might be taken up for strategic sale.

GS Giridharan, company secretary and CFO of South Asia LPG Company said it was a fairly good budget prepared under challenging circumstances and felt that the extension of Ujwala scheme would raise the demand for domestic consumption of LPG. He said during pandemic adequate steps were taken to avoid disruption in supply of petroleum products. After abolishing Dividend Distribution Tax (DDT) last year, the government had now agreed to extend incentives as per treaties to joint ventures thereby creating a conducive climate to attract more FDI.

KVV Raju, CEO of Ajinomoto Bio-Pharma Services said focus had been given to health care, research and biotechnology. He said the decision to strengthen primary, secondary and tertiary healthcare, vaccination programmes and Health Mission would provide a window of opportunities to the pharma sector.

Lalita Sundari, consultant, healthcare, hailed priority accorded to various types of healthcare including critical care and strengthening of healthcare institutes but expressed her anguish over not giving any relief to life saving drugs. Abhisek Gupta, CII MSME committee head, said the Budget proposals would help MSMEs as well as the startups following extension of benefits for another year.

Baargav Duggirala, an exporter, said the strengthening of Railways, warehousing, highways and port-led development would benefit the logistics sector under Bharatmala and Sagarmala projects.

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