News Telangana

Telangana Inc welcomes budget, says it will spur demand

Telangana Inc welcomes budget, says it will spur demand

Telangana: The budget presented by Finance Minister Arun Jaitley is a path breaking effort which will pave the way for encouraging demand in rural areas, said Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry.

“The budget while continuing with emphasis on infrastructure, initiates a number of very timely measures in the education and health sectors. There is also a huge intervention to stimulate demand in rural areas with 60 per cent of our population. The demand for goods and services will stimulate industry and trade in a big way and would be helpful for the success of industry and trade sectors,” FTAPCCI said in a statement.

The trade body, however, felt that certain implementation aspects and details are not readily available, particularly as to how the Start-up industry will be sustained and how the digitisation and cashless economy, depending on web-based interventions, would be effective in rural areas with deficiencies of connectivity.

“FTAPCCI feels that the budget is a commendable effort in the right direction and has no hesitation to grade it as 8 on a scale of 1 to 10,” it added.

Nrupender Rao, Chairman, CII Telangana and Chairman, Pennar Industries Ltd, said the reduced corporate income tax rates for medium and small enterprises would bring cheer to the large majority of companies with turnover of less than Rs 50 crore, while stimulating employment and entrepreneurship.