Telangana Inc hails welfare, balanced Budget
Industries bodies on Thursday welcomed Annual Budget for 2018-19 presented by the Telangana government, describing the exercise as a step toward overall development of the youngest state of India. They however rued lower budgetary allocation for the key industrial sector.
Hyderabad: Industries bodies on Thursday welcomed Annual Budget for 2018-19 presented by the Telangana government, describing the exercise as a step toward overall development of the youngest state of India. They however rued lower budgetary allocation for the key industrial sector.
Telangana on Thursday presented a tax-free, revenue surplus budget for 2018-19, proposing an expenditure of Rs 174,453 crore, an increase of 16.57 per cent over the previous year. Of this, revenue expenditure is Rs 125,454 crore and capital expenditure Rs 33,369 crore.
Terming the Budget as a development-oriented exercise with focus on farmers, minorities, SCs and STs, Srinivas Gowra, president, Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry (FTAPCCI), lauded the Telangana government for increasing budgetary allocations for power sector, which would help in completing ongoing power plants faster. He however pointed out that Rs 1,286 crore was allocated for industry sector. “Additional budget allocation would have helped the department to clear pending incentives,” he said.
While appreciating the efforts of the government in bringing Rs 1.18 lakh crore investments and 6,200 new industrial units to the State under TS-iPASS, he welcomed more allocations for Mission Bhagiratha, irrigation projects, Mega Food Park at Buggapadu in Khammam district, he said eco-friendly Pharma City and medical devices hub that the Telangana Finance Minister Eatala Rajender referred to in the Budget would attract investments and generate employment opportunities. “Overall, it’s a good and balanced exercise. It is a populistic people’s Budget,” he said.
Echoing similar views, APK Reddy, president, Federation of Small and Medium Enterprises of India (FSME India), said the Telangana government had done a wonderful job by making large allocations for key sectors such as irrigation, agriculture and welfare. “I congratulate Finance Minister Eatala Rajender for presenting a balanced Budget with increased focus on overall development of Telangana,” Reddy said.
He however pointed out that inordinate delay in payment of incentives in both the Telugu states was creating hurdles for micro, small and medium enterprises (MSMEs). “The Telangana government should have allocated more for the industrial sector in this Budget,” he observed.
Reddy also expressed concern about banking norms for declaring an industrial unit as NPA. “The government should come forward to revive sick units on a war-footing and bring pressure on the central government to formulate flexible NPA norms for MSME sector,” he said.