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Pune Inc gives thumbs up to budget
Sakal Times | Friday, 11 July 2014 AT 12:10 AM IST
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The members of Confederation of Indian Industry (CII) Pune and Mahratta Chamber of Commerce, Industries and Agriculture (MCCIA) on Thursday said that the Union budget presented in the Parliament has given a big impetus to Pune with several provisions being made for projects that will help the city grow in stature. Union Finance Minister Arun Jaitley allotted Rs 100 crore for a National Industrial Corridor with its headquarters in Pune. The budget also proposed to accord the status of Institutes of 'national importance' on the prestigious Film and Television Institute (FTII). Pune has also been awarded with a new agri-biotech cluster, along with Kolkata.

Civil Aviation

Pramesh Parikh, General Manager, Academy of Carver Aviation Private Limited, Baramati


The PPP (Public-Private-Partnership) model airports in Tier-I and Tier-II cities will surely help in encouraging aviation sector. However, we also expect focus into maintenance, repair and overhaul (MRO) sector and training sector too, where in we are yet to see the the ray of hope. Government is also looking forward to encourage tourism sector which is directly linked to aviation industry. This will surely boost the industry's growth.

Taxation and Audit

Sandeep Mukherjee, Executive Director, Pricewaterhouse Coopers


The government has made conscious effort to clear-off the litigation atmosphere that is currently prevailing in the country. Although we are dissapointed that the government did not scrap the restrospective taxation, it has committed towards not pursuing any new case. This should make the foreign investors happy. Government has proposed to increase investment limit under Section 80C from Rs 1 lakh to Rs 1.5 lakh, as well as the tax exemption limit for small, marginal and senior tax payers has been changed from Rs 2 to Rs 2.5 lakh. For senior citizens, there is no tax for income up to Rs 3 lakh per annum. This will cheer the tax payers.

Energy

M S Unnikrishnan, MD & CEO, Thermax Limited


For the Power sector, the move to extend the 10- year tax holiday for companies that generate and transmit power to 2017, will certainly be helpful. The budget also speaks of a roadmap for ultra mega power plants, which is necessary to meet our power requirements. The FM’s comment that coal will be made available for power generation, directly addresses one of the major bottlenecks that has adversely affected the Indian power sector.

Infrastructure/Real Estate

Amit Bhosale, Executive Director, ABIL


Announcement of 100 smart cities, revision in the rules for FDI in construction, special attention to rural housing and the announcement of ambitious ‘Home for Everyone by 2022’ will surely help the construction industry to come out of the problems that it is facing currently. I was indeed very happy to see the importance that Finance Minister was giving to boost tourism in this budget.

Shrikant Paranjape, Chairman, Paranjape Schemes Constructions Ltd.

Overall budget looks positive as per the promise given by new government.
They have revised SEZ policy and we are quite happy with this development. However, we were expecting some more for the housing sector. They have also announced that there will be houses for all by 2022. This can be achieved by government with private participation according to us. Infrastructure segment is also been given importance in this budget.

Retail

Abhay Gadgil, Partner, P. N. Gadgil and Sons, Secretary, Pune Saraf Association


Considering current economic scenario, FM has taken a balanced approached in the budget. Infrastructure development is need of the hour to boost the sagging economy and they have been given enough attention. But everything is dependent how this is going be implemented. Finance minister did not say anything related to gold. They proposed some incentives for diamond. Tax reforms are one of the positive sides of this budget. Overall, this is budget is very good.

Manufacturing

Suresh Ghotage, Vice President Holding and CFO,  Atlas Copco (India) Limited


Overall the budget is positive and that the finance minister has done an extremely good job considering the limitations. The allocations made to infrastructure will certainly give a boost to the manufacturing sector, also the water ways which are promoted from Allahabad to Haldia will also give direct benefit to the manufacturing sector. I think that the Finance Minister has given in small ways to every sector.

Prakash Chhabria, MD, Finolex

The budget is quite encouraging as it has got a direction and purpose. It is good for the country as both industry and common people will get benefited. I think this budget has the potential to revive the economy. If you give power to the bottom sections of the society to earn money and spend, they will directly buy the manufacturing goods.

Rajendra C Bhide, Group Finance Controller, Forbes Marshall

From my company's point of view, which is an engineering company, investment allowance benefit will go to the customers as our products are for plant and machinery. The Rs 25 crore proposed for the allowance will also help in planning for modernising the plants.

Ajay Mehta, MD, Deepak Nitrate

The decision of finance minister to increase fertilizer subsidy is a welcome step. There has been an increase in raw material prices lately, so whether the subsidy increase is only to negate the price increase, will be clear in the fertilizer policy that we all are awaiting. Setting up of a nodal agency in Pune for the industrial corridors will mean a large think tank coming to the city.

Automobile

Pawan Goenka, Executive Director, Mahindra and Mahindra


FM has delivered a well defined and prudent budget with specific focus on infrastructure, manufacturing and rural schemes. He has laid clear emphasis on supporting investment. The extension on reduction of excise duty had already been notified. We did expect an announcement on incentives for electric vehicles which did not come through. A firm date for GST implementation would have been welcome. Though there have been no big bang announcements, the intent of the budget is clear. It is a move towards the right direction and there is an attempt to put a lot of placeholders through the various Rs 100 crore schemes.
 
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