State Budget Disappointing: FAPCCI

The State Budget presented by Finance Minister Anam Ramnarayana Reddy falls short of expectations from the FAPCCI.

Reacting on the budget, FAPCCI President Devendra Surana said that the industry had expected a major push to growth in the budget allocations. However, he said, the government allotted just Rs. 250 crores, in addition to the previous year. "There is a huge backlog of incentives to be paid. The provision is not sufficient to clear old dues," he said.

Further, Surana said that Chief Minister N Kiran Kumar Reddy's announcement of VAT refunds on diesel also needs to be covered in this. "The provision made in the budget is not sufficient. As far as the power sector is concerned, the allocations of budget are very low. The entire subsidy on subsidized power, of Rs. 14,000 crores, needed to come out of the budget," he said. (INN)