The Hindu : Business : Maharashtra gives nod for octroi abolition

Online edition of India's National Newspaper
Friday, Sep 08, 2006

Business

Business

Maharashtra gives nod for octroi abolition

Staff Correspondent

Asks industry to invest in the backward areas of the State

MUMBAI: The Maharashtra Government has accepted `in-principle' the demand from industry for the abolition of Octroi in the State. "We are in the final stages of taking a final decision,'' according to Vilasrao Deshmukh, Chief Minister of Maharashtra.

Speaking on the sidelines of a function to commemorate the centenary celebrations of the Indian Merchants' Chamber (IMC), a leading industry body, here on Thursday, Mr. Deshmukh, the Chief Guest at the function, said, "In the next three to four months, we will have a roadmap for the abolition process. It will have to be a sensitive and cautious decision.''

Maharashtra is among last States to abolish the levy of octroi.

The State Government collects around Rs. 5,500 crore annually from octroi from 23 municipal corporations with the Brihanmumbai Municipal Corporation (BMC) alone contributing around Rs. 2,700 crore. Mr. Deshmukh exhorted industry to invest in Maharashtra, particularly the backward areas. "I appeal to industry to look beyond the Mumbai-Pune-Nashik belt. We are ready to give even more concessions to new units in other backward areas of the State.''

At the IMC function, the Union Government released a commemorative postal stamp in honour of the IMC as recognition of the chamber's contribution to Indian business. The postal stamp was released by Shakeel Ahmed, Union Minister of State for Communications and IT.

Printer friendly page
Send this article to Friends by E-Mail

Business