Online edition of India's National Newspaper
Saturday, Mar 01, 2008
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Online edition of India's National Newspaper Saturday, Mar 01, 2008 ePaper | Mobile/PDA Version |
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Tamil Nadu
CHENNAI: The Union budget has evoked a mixed response from industry in Tamil Nadu. At a discussion organised by the Confederation of Indian Industry here on Friday, industrialists welcomed the Finance Minister’s focus on social sectors and inclusive growth, skill building, innovation and spurring demand by reducing CENVAT rates. However, when it came to the key industries that underpinned the State’s economy, opinion was divided. In the Detroit of India, the auto sector was pleased with the measures announced to boost demand: the reduction in excise duty from 16 per cent to 12 per cent for small cars, two-wheelers, buses and chassis, and from 24 per cent to 14 per cent for hybrid cars. Removing the duty on steel-melting scrap and aluminium scrap would have a significant impact on input costs, R. Santhanam, managing director of Hindustan Motors, said. These steps were positive for both original equipment manufacturers and auto component firms, said B. Santhanam, managing director of Saint-Gobain Glass India. Welcoming the moves, Ashok Leyland chief financial officer K.S. Sridharan said infrastructure issues, as essential as excise reductions for both auto sector and manufacturing in general, did not receive as much emphasis as they did last year. The exporters, especially the textile sector, were more disappointed than the auto industries. In the face of a depreciating dollar, they were left in the lurch, CII’s southern region chairman P.K. Mohapatra said. Loyal Textiles chairman Manikam Ramaswami was upset that while nothing had been done to stem the rising rupee, the Finance Minister had offered a very inadequate grant to the Technology Upgradation Fund. The State’s IT and ITES sector were disappointed by the Finance Minister’s silence on the demand to extend the Software Technology Parks of India Scheme that offered various exemptions, including a 10-year income tax exemption for exports. The scheme ends next March. However, several industrialists pointed out that by ignoring the demand rather than rejecting it, the Minister had left the door open for further negotiations. Satyam Computers director D. Subramanian pointed to the positive elements in the budget for the information and communication technology sector.
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