BANGALORE: President of the Federation of Karnataka Chambers of Commerce and Industries (FKCCI) J R Bangera has welcomed the Union Budget 2012. Appreciating the emphasis given to rural development, agriculture and irrigation, he stated that the Chamber also welcomes the Centre’s initiative in bringing Food Security Bill and Nutrition Augmentation Programme which provides nutrition to the downtrodden.
The chamber stated that the budget is ‘fairly balanced’. The FKCCI also welcomed the infusion of capital of Rs 18,000 crore to banks and also revival of RRBs. Capital market has been given a boost by reducing STT by 20 percent and FDI investment in civil aviation with 49% is appreciable, it said. However, the chamber expressed concern over the rollback of central excise and service tax tariff allowed as Stimulus Package during economic recession may add to inflationary measures.