Industry split in opinion on Budget

“The Finance Minister did not speak of any major initiatives to boost manufacturing. We hope that a closer look at the budget in the coming weeks reveals something positive which will address the needs of this sector,” she said.

Manmohan Singh,Chairman of the Hotel and Restaurant Association of Chandigarh,said the increase in service tax will be an addition to the burden on people.

“The hospitality industry is only the collection agent of this tax. We charge it in our bills and give it to the government. It is the common man who will have to bear it finally,” he said.

Maneet Singh,Treasurer,TiE,Chandigarh and Punjab said it’s not a friendly budget for the industry this year. “From the industry point of view there is no relief. Service tax has risen from 10 per cent to 12 per cent. It is less of a people budget,” he said.

TiE Charter Member Gurmeet Singh Chawla,Diretor Master Trust welcomed the measures for poverty alleviation,but said the budget has not moved forward to bring FDI in retail,keeping political compulsions in mind.

Vijay K Thadani,Chairman CII Northern Region said the budget has attempted to balance the need for growth and the need for macroeconomic stability,he added.

JBS Sangha,Proprietor of Beas Cold Storage said the National Mission on Food Processing and creation of additional food grain storage facilities will encourage value addition in the sector.

Vikas Garg,Managing Director,Punjab Hammers Ltd,said the large role envisaged for private sector in the 12th five year plan and the measures to enhance availability of funding to this sector are important proposals.

Capt Alok Sharma,Managing Director,Forge (India) Pvt. Ltd said the proposal to set up Rs 5,000 crore India Opportunities Venture Fund with SIDBI will help address the issues related to credit availability for the medium,small and micro enterprises.