The Hindu : Budget proposals bring cheer to Kochi

Online edition of India's National Newspaper
Wednesday, Feb 04, 2004

Kerala

Kerala - Kochi

Budget proposals bring cheer to Kochi

By Our Staff Reporter

KOCHI, FEB. 3. The interim budget presented by the Union Finance Minister, Jaswant Singh, on Tuesday holds some cheer for Kochi.

Provisions to use the Industrial Infrastructure Fund for the development of seaports and airports, tourism projects and power generation facilities, water supply and sewage disposal will prove beneficial to Kochi.

Besides, the plans to extend round-the-clock electronic clearance of Customs documents to 23 Customs formations and the allocation of Rs. 52 crores for the Marine Products Export Development Authority as part of the efforts to boost India's foreign trade will also have their impact on trade and business in the city.

Kochi's exclusion from the list of tourism destinations earmarked for budget allocation for infrastructure development would come as a disappointment to the Tourism Department, which has been hard selling Kerala.

While the interim Budget has provided Rs. 15,000 crores to strengthen the cooperative sector, it has come in the wake of the Union Government's move to bring the operations of the cooperative banks under closer scrutiny of the Reserve Bank of India.

Meanwhile, the Kerala Chamber of Commerce and Industry said the provisions in the interim Budget can help accelerate economic growth, but it contains more announcements than concrete proposals.

The Finance Minister deserves praise for trying to peg deficit and for the consideration given to small and medium enterprises. The decision to provide funds to small and medium industry below the PLR level will provide the much-needed boost to entrepreneurship, said V.M. Liaqat Ali, president of the Chamber.

The All India Bank Customers' Association has praised the interim budget for making liberal provisions for borrowings by small and medium enterprises. However, said a press release from the association this evening, small savings have not been given enough incentives in the interim budget. The association also lauded the Finance Minister for making provisions to strengthen the cooperative sector.

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