Gujarat ‘missing’ in union budget
February 29th, 2008 - 10:24 pm ICT by admin
Ahmedabad, Feb 29 (IANS) The Gujarat Chambers of Commerce and Industry (GCCI) Friday said the state was “missing” from the 2008-09 union budget, although it has outlined many good proposals. Commenting on the budget proposals, Parul Jaykrishna, president of GCCI said Finance Minister P. Chidambaram could have sanctioned a “special development plan” for infrastructure facilities in Gujarat.
She noted that the state was contributing one-third of India’s gross domestic product (GDP) and had big potential for higher contribution in the future.
“The centre could have sanctioned at least one textile cluster” in addition to sanctioning an IIT, she added.
However, Jaykrishna said the budget has many salient features. The five-year tax holiday for construction of hotels in world heritage sights and hospitals in tier II and III cities would certainly give a boost to health care sector.
She also welcomed excise duty reduction on pharmaceuticals and reduction of customs duties on steel melting and aluminium scraps.
The finance minister, however, could have paved the way for the economy to rise to greater heights by abolishing the fringe benefit tax and reducing the minimum alternative tax from 10 percent to 7.5 percent. The educational cess could also have been removed, she added.
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Tags: ahmedabad, budget proposals, cess, chambers of commerce, chambers of commerce and industry, customs duties, feb 29, finance minister, fringe benefit tax, gcci, gross domestic product, gujarat, health care sector, infrastructure facilities, p chidambaram, salient features, tax holiday, tier ii, union budget, world heritage
