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Sitharaman's budget speech gets thumbs up from industry in Goa

Sitharaman's budget speech gets thumbs up from industry in Goa

Panaji, Jul 5 (UNI) Union Finance Minister Nirmala Sitharaman's maiden budget speech got thumbs up from trad and industry bodies in Goa on Friday.

Speaking to reporters, Goa Chamber of Commerce and Industry (GCCI) President Manoj Caculo said earmarking of Rs 100 lakh crore for creation of infrastructure over five years would create jobs in the country and drive the economy forward.

“Prima facia we wholeheartedly welcome the budget. The amount of money which is earmarked for creation of infrastructure, Rs. 100 lakh crore in five years, I think that shows the way. It is going to create jobs in the country. The Rs. 100 lakh crore over five years, is what is going to drive the economy of the country, which is a very positive sign,” he said.

Supporting incentivising of the electric vehicle sector in the country, Mr Caculo said there was clarity for the first time in the country as far as electrical vehicle sector was concerned.

'There is a huge incentive for manufacturers of electric vehicles as well as buyers who would get rebate on interest on the purchase of such vehicles. The subsidy on setting up of manufacturing plants for e-vehicles, custom duty exemption for import of parts, shows that the government is serious about promoting e-vehicles,” the trade body official said.

He also welcomed increase in duty on imported cashew carnel and said it would boost local cashew manufacturing industry.

He extended support to introduction of Private Public Partnership (PPP) model to develop the Indian Railways, announcement of the model tenancy law and focus on start-ups.

On benefits for Goa in the budget, Mr Caculo said increase in customs duty in imported cashew kernels would boost cashew nut manufacturing and processing industry of the state.

He said there would be fewer cashew kernels coming from outside the country which would serve as a boost to the cashew industry in the state.

UNI AKM 1530

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