Interim budget fails to enthuse business fraternity

The benefit of a 2 per cent interest waiver on pre and post-shipment of exports including textiles,handicrafts and handloom products was one and perhaps the only major attraction.

S P Oswal,MD of Vardhman group,said,“This facility was already existing and it has only been extended but we still welcome this step of the government.”

Giving his opinion on the budget,S C Ralhan,regional chairman of Engineering Export Promotion Council said,“The interest waiver should have been increased to 4%. The government made no effort to work upon our suggestions which were sent over 2 months ago. The budget has nothing much for the industry and hence we have no reason to be happy.”

Meanwhile,Avtar Singh,general secretary,Chamber of Industrial and Commercial Undertakings (CICU) added,“I had not expected much from this budget,so I am not disappointed. It is an election budget,focusing more on the rural sector and making no changes in the tax structure for the common man or even for the industrial sector in particular.”

Unlike previous years,industrialists this time were not even seen glued to their TV sets to watch the budget announcements as most said that they already had an idea that it would not bring about much benefits for them.