HYDERABAD: The Union Budget-2017 has largely been welcomed by industry in the state. The Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry(FTAPCCI) has said that one of the biggest takeaways is impetus to development of rural economy.
While praising the various reform measures announced by finance minister Arun Jaitley on education, health, rural development and skill development, industry has also reiterated its concerns on the silence on exit policy for start-ups. FTAPCCI president Ravindra Modi said, “Many people become entrepreneurs taking the risk of leaving their jobs but in case of failure there is no way out. There is a need to address the aspect of exiting the industry in such a scenario.”
FTAPCCI VP Gowra Srinivas opined that tax exemption should have been increased for senior citizens.
Chairman of the Telangana chapter of CII Nrupender Rao said, “The measures laid down for affordable housing, rural economy, and infrastructure will open up avenues for investment and new livelihoods.” He added reduction in the corporate income tax for medium and small enterprises with a turnover of less than Rs 50 crore from 30 to 25 pc benefits 96 pc of SMEs and stimulates employment and entrepreneurship.
V Rajanna, VC of CII-Telangana, said the Budget aims at higher public expenditure, increases domestic demand and activates the key growth drivers for the economy.
C Parthasarathy, chairman of Karvy group, said that in the coming years there will be a lot of corporatisation of the agricultural sector.