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Budget is fairly satisfactory - Lakshmi Machine Work
Mar '08
Mr R.Rajendran
Mr R.Rajendran
Mr R Rajendran, CFO Lakshmi Machine Work told Fibre2fashion that the regarding the Union Budget 2008-09 is quite satisfactory.

He explained, "Emphasis was given mainly to agriculture sector, which will trigger economy. Human resource development measures will definitely be welcomed which is good for growth of the country. Infrastructure development is not sufficient such as airport, port etc. For this allocation of more funds was required."

Mr Rajendran said, "Promotion of textile parks is welcome measure. Power projects is definitely going to help industrial growth.

Reduction of CENVAT from 16% to 14% for textile industry is welcome measure and reduction of Central Sales Tax by 1%, it will reduce cost of inputs."

CFO stressed, "For LMW it has not created much impact and at the same time has not even created an negative effect. However, R&D should have been given weighed Tax Exemption. Besides, industry expected investment in capital goods to be allowed with exhilarated depreciation and custom's duty also should have been harmonized."

Fibre2fashion News Desk - India

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