‘Budget in right direction but short on growth incentives’

March 16th, 2012 - 11:56 pm ICT by IANS  

Pranab Mukherjee Chennai, March 16 (IANS) Tamil Nadu’s corporate sector Said Fridy Finance Minister Pranab Mukherjee has acquitted himself well given the circumstances by which he is bound and the budget is in right direction but short on growth initiatives for various sectors.

According to industrialists and corporate officials assembled at the budget viewing session organised by Confederation of Indian Industry (CII) here Friday, Mukherjee’s budget mirrored his political maturity for taking in his stride the political issues and assert 6.9 percent growth projection.

Reacting to the Mukherjee’s proposals, the Chairman and Managing Director of Orchid Chemicals and Pharmaceuticals Ltd said there are a couple of positive features for the pharma industry like the extension of weighted reduction of 200 percent for research and development (R&D;) in-house.

However, he said the scope could be expanded to include R&D; and clinical trials done through other agencies.

He said there were no measures to support other emerging sectors like bio-technology, bio-pharma, new chemical entities.

On the other hand Ramesh Kymal, CMD of Gamesa Wind Turbines complained that there is nothing specific in the budget for the renewable energy sector.

According to him, allowing duty free import of coal is good only for the short term for the power sector but not good for the environment in the long term.

The CMD of TVS Motor Company Ltd Venu Srinivasan said the budget has not outlined any specific steps to make Indian manufacturing competitive across the world.

Preetha Reddy, managing director of Apollo Hospitals Enterprise Ltd said the healthcare industry was expecting a lot from the budget like the infrastructure status for the sector.

She said the tax exemption of Rs.5,000 for health check up apart from the health insurance premium will have a positive impact.

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