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What industry wants from Union budget?
What industry wants from Union budget?
One of the most affected sectors of the economy in the year of pandemic is industry. As the Union Finance Minister prepares the Budget-2021, The Hans India spoke to a section of industrialists and entrepreneurs on their expectations from the Budget. Many of them are waiting for measures to further reduce interest rates and tax relief. They want the Centre to announce another package to help them come out of the crisis.
There is no due encouragement for small industries from state and Central governments. I appeal to the Union Finance Minister to tell public sector banks to sanction us loans liberally at lower costs of credit. We need subsidised raw material and reduction in excise duty. We want GST exemption so that small and medium scale of industries will flourish.
M R Chandra Reddy, industrialist, tiles industry, B Palyam, Chittoor.
Industrial sector has not recovered from the Covid pandemic in India so far. Now the new strain in UK and other countries seems to be spreading to other countries. In this back drop, the industrial sector may face problems in 2021 too. The Central government should announce one more package for the MSME sector to help the small and medium entrepreneurs and the industrial sector. The impact of Covid was very severe across the country and it will take many years to recover from the losses. I wish that the Union government understands the problems of the industrial sector and announce one more package.
Potluri Bhaskara Rao, general secretary, Andhra Chamber of Commerce and Industry, Vijayawada
First of all, the purchasing power of consumers has to be increased which can restart the economic cycle. The incomes of several sections have adversely affected during the last nine months. Though the incentives announced by the government are good, there was much to be done. The interest on industrial loans has to be waived off completely whereas the government has only postponed its payment. It has become a burden on the industry and borrowing rates are to be reduced.
D Damodar, Ravands Plastech, Puthalapattu, Chittoor district.
A reduction of interest rate, which is on the higher side ranging from 11 to 15 per cent, is he need of the hour for us. The government saw the rate of lending to agriculture, housing, education and even vehicle purchase becoming cheaper but not to the small and medium industries. The measures bring down interest rates in the budget will sure give a new lease of life to the entrepreneurs. This apart, government should monitor the Credit Guarantee Fund Trust for Micro and Small Entrepreneurs (CGTMSE) for its effective functioning for the benefit entrepreneurs.
Vasireddy Murali, chairman of Cee Chemicorp, Tirupati
Atmanirabhar is the call given by our Prime Minister Narendra Modi to benefit out of business-friendly policies like lower power tariff to MSME industries. However, at present, the average tariff is Rs.10 per unit whereas solar power is available at Rs.3 per unit. This should be worked out in an economical way for the MSMEs at least in future. Also, Government GST payment should be made payable on receipt of the payment rather than during invoicing. This will improve in enhancing the cash flow in the industrial sector.
Sudhir Mulagada, Chairman of AP Chambers of Commerce and Industry Federation, Vizag
Entrepreneurs are expecting subsidies in power and co-operation from the banks in grant of loans. Besides, the industries are facing problems in getting some raw materials and payment of taxes. The year 2020 was disastrous to the sector. The entrepreneurs are hopeful of some recovery in 2021 and expecting good support and encouragement from the Union government like extending subsidies, bank loans, etc.,
Shaik Shabuddin, Co-ordinator, The Federation of AP Chamber of Commerce and Industry, Vijayawada
There should be an easy procedure for obtaining loans to the entrepreneurs and the rate of interest on loans should be reduced. GST should also be reduced considering their financial status. If possible, easy online permissions for industries in a short span of time as part of encouragement need to be facilitated. Subsidies should be given for purchasing machinery. With this, more employment can be generated. Deposits for new industries for various prerequisites like power, water, and others should be reduced due to the pandemic.
S Sirish Kumar, proprietor, Sri Nandadeep Packaging Industry, Nellore
A separate budget should be allotted to uplift the sick industries. This apart, tax exemptions should be facilitated to return to normalcy in times of the pandemic. Centrre should creach out to the industries through various subsidies where the state govt finds it tough to afford power subsidy.
VV Krishna Rao, director, Simhadri TMT, Vizag
