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Industry bodies upbeat as budget proposes ₹2,500 crore incentives

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Telangana Budget 2021-22 has proposed ₹2,500 crore for industrial incentives, an announcement industry bodies welcomed since they have been impressing on the government, for sometime, to clear the pending dues to entrepreneurs who have established facilities.

Finance Minister Harish Rao, in the speech, said an amount of ₹2,500 crore is being proposed in the Budget for industrial incentives. For the industrial sector, the Budget estimate is ₹3,077 crore, he added.

He said while referring to how industries in Telangana have been progressing at an accelerated pace, thanks to TS-iPASS or the system the State government introduced about six years ago to accord time bound approvals for new projects.

The TS-iPASS has speeded up the process of obtaining clearances for industries through the single window system. This has attracted attention at the international level. The faster issue of all clearances for industries through investor friendly policies has placed the State in third place in the Ease of Doing Business (EoDB) rankings, he said.

Commending the Budget as people centric, pragmatic and bold budget, the Federation of Telangana Chambers of Commerce and Industry (FTCCI) president Ramkanth Inani said if implemented in earnest the amount proposed towards the industrial incentives is sufficient to clear a chunk of the pending dues.

“We appreciate the government for allocating ₹2,500 crore towards industrial incentives on the repeated requests from FTCCI and also other industry chambers,” he said in a statement that also hailed the Budget for ₹25,000 crore and ₹16,900 crore allocation to the agriculture and irrigation sectors respectively.

The proposal to construct airstrips in the tier II cities and the allocation of ₹100 crore towards is a welcome measure for regional development, he added. However, considering the power consumption by irrigation projects and the uninterrupted, free power supply to farmers and other subsidised categories, the allocation of ₹11,046 crore may not be sufficient and bound to slow down infrastructure development in the power sector, Mr.Inani said.

Describing it as a visionary and growth oriented budget, CII Telangana chairman Sameer Goel said allocation for industrial incentives as well as for the sector may help in giving a fillip to the industry in Telangana which was affected by the pandemic.

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The budget showcases the State government’s vision and commitment towards developing key sectors such as agriculture, industry and services in the State. Tourism industry, which was one of the worst affected sectors due to Covid-19, stood to benefit from the ₹726 crore allocation to the Tourism and Culture sector, he said.

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The Telangana State Federation of Chambers of Commerce and Trade president Prakash Ammanabolu said traders were looking forward to financial package or waiver of municipal tax as their business was impacted majorly as a result of the pandemic.

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