TN industry welcome Union budget

Industry bodies and several companies across Tamil Nadu today welcomed the budget presented by the Finance Minister Arun Jaitley terming it as a "growth oriented" and a "defining budget".

"Southern India Chamber of Commerce and Industry welcomes the budget proposals 2017-18 which is a growth oriented and a defining budget. It is path breaking in various ways as this is first time that both railway and general budget were clubbed together", SICCI President, Rafeeque Ahmed said.

"Budget is focused on fiscal and revenue deficit and the Finance Minister has to be complemented for keeping the fiscal deficit under check and at the same time emphasis has been given on rural development, rural infrastructure", he said.

C K Ranganathan, Chairman and Managing Director of FMCG major CavinKare Ltd said the budget is a "long term oriented and directionally right budget".

"As a follow on measure to demonetisation which gave address tag to the black money stock, this budget has brought in various measures to control generation of black money like banning of cash transaction over Rs three lakh, disallowance of cash transactions of over Rs 10,000 in corporates, limiting political donations in cash form to Rs 2,000" "These measures coupled with GST introduction and digital push would go a long way in broad basing the tax base and setting new norm for the way business is done", he said.

For the health care segment, Apollo Hospitals, Group Chairman, Prathap C Reddy said, "I commend the Union Budget's focus on improving the growth trajectory of the economy, its pronounced thrust on rural development alongside ensuring fiscal consolidation."

"While we were hopeful that healthcare would be accorded a national priority sector status, the structural reform in medical education, in particular the increase in the number of post graduate medical seats and DNB courses is praiseworthy as it was long-awaited. But, I do hope that the health policies will address the large unmet need for quality healthcare infrastructure", he said.

On housing sector, Confederation of Real Estate Developers Association of India, Chennai chapter hailed the union budget for "providing infrastructure status to affordable housing sector".

"Infrastructure status to the affordable housing segment indicates that this sector will play an important role in reviving economic growth in the country. This infrastructure status will help developers to obtain cheaper loans from banks will significantly boost the government's target of housing for all by 2022", CREDAI Chennai, President, Suresh Krishn said.

On the IT sector, city based Maveric Systems, Director (Platforms and Solutions), Venkatesh P said there is a credible shift in terms of social spend and an acknowledgement of things that need roll back like MAT".

"The focus on MSME is welcome given its ability to generate employment across the Natin. While focus of the budget relates to social sector, there is nothing on spurring economic growth or promoting investment", he said.

A Vellayan, Executive Chairman of diversified business conglomerate Murgappa Group, commended the Finance Minister for ensuring the right balance between maintaining fiscal discipline and growth measures.

"The reduction in personal tax rates will help increase consumption spend in the economy. The focus on agriculture and rural sector is a welcome and necessary move. ", he said.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)