STOCK MARKET BSE NSE

Mixed Reactions from Mining, Industrial District

Business community in the mining and industrial district of Sundargarh said the Union Budget was ‘relatively better’ than the last one.

Published: 11th July 2014 09:20 AM  |   Last Updated: 11th July 2014 09:20 AM   |  A+A-

ROURKELA: Business community in the mining and industrial district of Sundargarh said the Union Budget was ‘relatively better’ than the last one.

They said the growth rate in the current year is unlikely to go beyond 5.5 per cent even as the country needs higher growth of eight to nine per cent. They said the burning issues including cut in subsidy and regulatory reforms were not properly addressed and opined that banks’ Non-Performing Asset norms needs to be relaxed to infuse liquidity in small and medium enterprises(SME) sector.

Rourkela Chamber of Commerce & Industry (RCCI) president, Subrata Patnaik, welcomed the allocation of `1000 crore to boost rail connectivity to North Eastern region, thrust on development of NHs and laying of additional 15,000 kms of gas pipelines. Patnaik lauded the move to appoint a committee to revive the micro, small and medium enterprises (MSMEs), decision to set up five new IITs and as many IMMs including one at Odisha. He also welcomed tax exemption limit for small, marginal and senior tax payers and enhancement in investment limit of Public Provident Fund.

Managing Director of the Adhunik Metaliks Ltd (AML), Manoj Agarwal, said the budget is growth oriented and it speaks of tax exemption, lowering rates of educational and housing loans which will benefit the common man.

“The move to develop 100 smart cities will lead to inclusive growth with boost to infrastructure and also increase consumption of steel and cement,” he said. Agarwal hoped the decision to amend the MMDR Act will increase mining investment and welcomed the move to enhance coal production to bolster economic growth.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

edexworks
flipboard facebook twitter whatsapp