Kerala industry experts welcome Union Budget 2016


Trivandrum: Industry representatives across various sectors in Kerala have welcomed the Union Budget presented by Finance Minister, Shri Arun Jaitley in Parliament today, and termed it as positive with lot of opportunities for the State.

At a session organised by CII; John Muthoot, Chairman, Muthoot Fincorp & also Chairman, CII, Thiruvananthapuram Zone, said the Budget was overall encouraging and would stimulate the economy. He also added that it was up to the State Government to partner with the Central Government for reviving small airstrips in Kerala which in turn boost tourism.

Jeevandas Narayan, MD, SBT called the Budget a step in the right direction. “It’s a positive thing to note that the Government stands behind public sector banks. Increasing move towards digitalisation using IT is another welcome move.”

Raghuchandran Nair, MD, SI Property, said extending excise duty exemption to Ready Mix Concrete for use in construction work and the service tax exemption for housing construction of houses less than 60 sq. mts. will boost affordable housing projects but in Kerala, as land prices are very high, this would not translate to major benefits for investors unless builders move to sub urban areas.

P Ganesh, MD, Glass & Glazing Systems said, 100% FDI in food processing industry for the marketing of food products produced and marketed in India would be beneficial for many in Kerala. Use of IT in tax administration is a move forward in ensuring accountability.

Shyam Srinivasan, MD & CEO, Federal Bank said the proposal to enact the Bankruptcy law , although on expected lines, is a major announcement that will help enhance the credit health of Banks. The proposed amendments to the SARFAESI Act 2002 to enable the sponsor of an ARC to hold up to 100% stake in the ARC and permit non institutional investors to invest in Securitization Receipts may help in creating a secondary market for sticky assets.

According to Dr. Azad Moopen, CMD, Aster DM Healthcare, the announcement of Health Protection Scheme is a significant move towards universal health cover. Opening of 3,000 drug stores will effectively complement the various rural health schemes to make medication more affordable and accessible.

K G Madhu, MD, Ammini Energy Systems, said the Budget is a policy statement for the MSME sector.

Anil Philip
Kerala Biz News


Comments are closed.