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Budget is stimulus package for all sectors - Raymond Ltd
01
Mar '08
After the Union Budget of 2008-09, Fibre2fashion contacted Mr Gautam Hari Singhania Chairman & Managing Director, Raymond Ltd, to get their comments on yesterday's budget.

The Union Budget 2008 - 2009 is a stimulus package towards social, health, employment, agriculture, education and other sectors. The measures to build social infrastructure in education and health sectors is welcome.

However, the increased expenditure and the pay commission recommendations have prevented the Minister from rationalizing the corporate tax structures.

Further Raymond Ltd had said: From the textile industry perspective, the continuation of the TUF package during the 11th plan period and increase in its allocation by 20% is a positive step. So also the approval to 30 integrated textile parks.

Other positive steps include the reduction in Central Sales Tax to 2% from 3%, reduction in CENVAT rates on all goods to 14% from 16% and custom duty reduction on project import to 5% from 7.5%.

However it fell short on measures with regard to the exports sector. Further, from the retailing perspective the continuation of service tax on rentals is a dampener.

Fibre2fashion News Desk - India

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