You are here: Home » Budget » Reactions » Industry
Business Standard

Odisha industry bodies hail Union Budget

The Budget proposals are quite positive to boost exports

BS Reporter  |  Bhubaneswar 

The Union for 2015-16 has evoked mixed responses from the bodies of the state.

"For the Union Budget, I will give a mark of seven out of ten for the country as a whole. However, for Odisha, the mark is five only out of 10. As Bihar and West Bengal have been given special assistance as has been done for Telangana and Andhra Pradesh, but Odisha is deprived," lamented Ramesh Mohapatra, president, Utkal Chamber of Commerce of (UCCI)..

Read our full coverage on Union Budget

Further, the heritage sites such as churches in Goa, Elephanta Caves near Mumbai, Varanasi temple town and also Hampi in Karnataka are to be given funds for development, landscaping etc, but Konark and Puri are not included in the list, he added. He also hailed the proposal to slash corporate tax rate from 30 per cent to 25 per cent over next four years. On the increase in service tax rate from 12.36 per cent to 14 per cent, Mohapatra said, it will affect the services sector and the consumers. However, it is perhaps a step in the direction of introduction of GST (Goods and Services Tax) from April, next year.

The proposals are quite positive to boost exports. The reduction in corporate tax rates, deferment of General Anti Avoidance Rule (GAAR) for another two years, focus on infrastructure would bring in competitiveness for exporters to do better, said G Mohanty, president, Seafood Exporters Association of India (Odisha region). The interest subvention scheme for fishery exports have been discontinued for two years, so also for SME sector for one year. This has affected the competitiveness of exporters. It would be appropriate to reintroduce competitive interest rate at par with global economy, Mohanty added.

"Overall it is a good facilitating ease of doing business and I am particularly happy about the focus being laid on infrastructure, rollout of GST, social security measures, micro-finance and a move towards cash-less transactions," said Ansuman Das, chairman, CII Odisha State Council and CMD, NALCO.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sun, March 01 2015. 20:16 IST
RECOMMENDED FOR YOU