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Industry Seeks Immediate Tax Concessions from Centre

Bizmen say any delay in the announcement of incentives promised will cost state its development

Published: 27th April 2015 06:02 AM  |   Last Updated: 27th April 2015 06:02 AM   |  A+A-

Industry

VIJAYAWADA: Even as debate and discussions are going on about ‘special status’ for the state, those in Industry opine that the Centre should immediately announce tax concessions and other incentives as promised, since any delay would render them ineffective.

In a meet-the-press programme organised by the AP Journalists Forum in Vijayawada Sunday, CII AP chairman Suresh Chitturi, industrialists Y Harishchandra Prasad, GS Shivakumar, who were part of the delegation led by Chief Minister N Chandrababu Naidu during his recent visits to China, Japan and Singapore, said since the GST regime is on the cards by the next year, any incentives pertaining to excise and related issues given at a later stage will become irrelevant.

“If any help is to be done in the form of incentives like income tax concessions, it has to be done now. Any delay will cost the state its development,“ they said while pointing out that whatever development happened in Hyderabad or elsewhere, happened irrespective of special category status. They said no investments are made simply based on special status, but several other issues factor.

A plethora of opportunities exist in the state post-bifurcation. It has the advantage of a long coast and natural resources and the people are eager to prove themselves and so nothing is impossible for them. They said in Hyderabad, Madras, Bangalore and elsewhere, it was Andhra entrepreneurs who played a pivotal role in the development of those states.

“Now it is time for developing our own state. People in Andhra are known for their entrepreneurial skills. It is time for start on a positive note and double the growth rate in days to come,” Y Harishchandra Prasad said, while explaining opportunities for growth in the tourism sector, especially cultural, temple and eco tourism. He emphasised on distributed growth and opined the state government is going in the right direction in this regard.

CII AP chairman Suresh Chitturi said Singapore and Japan, though being small have emerged as world economic forces to reckon with. They now want to help the state, which has been forced to start afresh from zero, to emerge stronger and prosperous. “It is time to help ourselves. Several are ready to lend a helping hand and already several MoUs have been signed. Some might set their own shop or get into collaborations. We are now striving for having institutions like ISB to churn out successful entrepreneurs, so financial assets and livelihood opportunities are created,” he said.

GS Shivakumar, CII vice-chairman, explained about IT growth in undivided Andhra Pradesh and reorganised Andhra Pradesh. He said most of the IT expertise and exports potential remained with Hyderabad.

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