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Criticism from AP and Telangana over Budget 2015
Criticism from AP and Telangana over Budget 2015 Although the entire nation’s business community is all praise for Arun Jaitley\'s Budget 2015, but the people of Telangana and Andhra Pradesh including its business communities seem to get the biggest stumbling block.
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Although the entire nation’s business community is all praise for Arun Jaitley's Budget 2015, but the people of Telangana and Andhra Pradesh including its business communities seem to get the biggest stumbling block. Jaitley’s cut in 5% of Corporate Tax is welcomed but the business community believes the overall budget is declining in expectations with regards to allocations for both the states.
Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry (FTAPCCI) released a statement said that the whole country was expecting a big bang Budget and the budget will increase growth and development in the country in a phased manner.
It also added that five new Ultra Mega Power Projects each of 4000 MW on plug and play mode is welcome step but there is no specific allotment except IIT for AP and development of Qutub Shahi tombs for Andhra Pradesh and Telangana.
Business officials in Telangana and Andhra Pradesh are unhappy as the expectations from the budget involved some budgetary allocation to support the incentives promised through state reorganization act which are not fulfilled. Even other sections opined that the increase in Service Tax from 12.36% to 14% is disappointing.
