Leaders of trade and industry body in Telangana and heads of companies were generous with their praise for the Interim Budget’s direction and proposals, while also sounding disappointed at the absence of tax benefits.
“It has a long-term vision,” Federation of Telangana Chambers of Commerce and Industry (FTCCI) president Meela Jayadev said on Thursday, by welcoming proposals to bolster rural housing, skill development, tourism, agriculture and aquaculture. The Budget covers all elements of inclusivity and has a vision of making India Viksit Bharat by 2047, he said in a release.
“We expected some benefits for income tax payers… but status quo was maintained… expect tax sops in the full-fledged budget,” he said.
FTCCI leaders at a budget meeting in Hyderabad on Thursday.
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Senior vice-president Suresh Kumar Singhal said that the budget will provide a boost to economic growth and its thrust on infrastructure investment and development is bound to have a positive impact on many sectors such as cement and steel.
Chairman of GST and Customs Committee of FTCCI Irshad said that there were a lot of expectations about the GST amnesty scheme but “We are disappointed… [as] many small-time traders for lack of awareness have not filed GST in the first two years after its introduction and are facing the burden of penalties.”
Dr. Reddy’s Laboratories chairman Satish Reddy.
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A catalyst
Pharma industry leader and Dr. Reddy’s Laboratories chairman Satish Reddy said that the budget’s emphasis on Ease of Doing Business and local manufacturing is welcome.
“In particular, the ₹1 lakh crore R&D allocation for sunrise sectors can act as a catalyst in our innovation journey as the Indian pharma industry aims to reach $120-130 billion by 2030. Apart from innovation, there is a clear and welcome impetus to green initiatives like the new scheme of bio-manufacturing and bio-foundry to transform the current consumptive manufacturing paradigm as well as empowerment and inclusion — cervical cancer vaccine for girls between 9-14 years, extension of Ayushman Bharat scheme to ASHA and Anganwadi workers and women in STEM,” he said.
CII Telangana chairman Shekar Reddy said that considering the limited expectations, the budget came as a pleasant surprise. The housing scheme proposal for the middle class besides benefiting many, would augur well for the ancillary industries associated with real estate sector.
Venkat Mattela, CEO and founder of Ceremorphic
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“A notable highlight of the budget is the ₹6,903 crore allocation to bolster semiconductor and display manufacturing — an increase of 130%. This investment aligns with the global expectation for India to become the next semiconductor powerhouse,” said Venkat Mattela, CEO and founder of Ceremorphic.
Indian Immunological MD K. Anand Kumar
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Boost for new tech
Indian Immunological MD K. Anand Kumar commended the budget proposals focused on women’s and children’s health. The ₹1 lakh crore proposed for a corpus and extending a 50-year interest-free loan to scale up research and innovation in sunrise industries presents a promising advancement within the vaccine industry. It allows for the integration of new-age technologies in vaccine development processes, especially for mRNA and Adenoviral vector vaccines.
Freyr Energy co-founder Radhika Choudary
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Freyr Energy co-founder Radhika Choudary said the commitment to rooftop solarization and providing free electricity to one crore households besides infusing competitiveness and innovation in the solar sector would also translate into the generation of employment opportunities for the youth engaged in manufacturing, installation and maintenance within the industry.
