Balanced, but key demands ignored, says Himachal industry

Solan, March 17

Industrial associations have welcomed the setting up of an investment promotion bureau in the Budget. However, they rued that their key demands such as the abolition of double taxation and a dedicated freight policy were not met.

The Confederation of Indian Industry (CII) said the Budget was balanced having special emphasis on making the state ‘green’, besides paying the way for investment promotion.

Gagan Kapoor, Chairman, CII, Himachal Pradesh, said, “The announcements with regard to the Bureau of Investment Promotion and the New Industrial Policy are welcome steps for attracting investment. This will facilitate ease of doing business by expediting new projects.”

Similar sentiments were echoed by Dr Rajesh Gupta, president of the Himachal Drug Manufacturers Association. He said, “The move to give speedier clearances through this bureau was a welcome step.”

The Budget failed to address demands like abolition of double taxation, including state-specific levies. These demands were vehemently put forth by various associations, including the Baddi Barotiwala Nalagarh Industries Association, in a pre-Budget memorandum.

Kapoor said, “No relief has been given to the industry. Neither a scrap policy nor a freight policy, both of which were key issues of concern, has been announced.”