Mysore chambers hail Union budget

Describing the Union Budget as 'conservative', the Confederation of Indian Industry (CII), Mysore Zone chairman P K Talpade has said, "the budget does not give us anything unusual."

"The budget has come out as per expectations," he said welcoming 'some' help extended to the manufacturing industry. The positive side of Chidambaram's budget proposals is the support to manufacturing industry, which will drive towards the GDP growth which the government is talking about.

So also, the proposals to take forward infrastructural facilities in the country, Talpade told Business Standard.

Overall it is growth oriented, though a conservative budget, the new CII chief said. Reacting on similar lines, the Mysore Chamber of Commerce & Industry (MCCI) expressed its disappointment over the continuation of FBT, though diluted to some extent. Increase in service tax may lead to inflationary trends as it encompasses almost all the services now, it apprehended.

Science and technology institutions and R&D have not received the much needed encouragement. Tourism and hospitality, the other major sectors with large employment potential, deserved priority and budgetary support.

However, the MCCI welcomes the budget to the extent that the finance minister has left unchanged the tax structure of personal income and corporate sectors, though personal income deserved better deal by way of extended exemption limits. The only saving grace allowed in the budget is tax exemption on savings, said MCCI secretary A S Satish.

"Trade and industry had great expectations for inclusion of more major infrastructure projects for private participation through policy initiatives."