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Budget 2007-2008: A boon for industries of Gujarat

Mar '07

Budget 2007 presented by Union Finance Minister P Chidambram on Wednesday, have many budgetary proposals for Gujarat's industrialists to smile.

From textile to Small and Medium Enterprises (SMEs) to special fund allocated to Sabarmati Ashram in Ahmedabad, to giving shine to gem and jewellery industries in the state, all are in for a good measure of budgetary sops.

Union Finance Minister has allocated Rs30 crore for four important Gandhian institutions in the country, one of which is Gandhi Ashram in Ahmedabad.

“With the fund allocated to us, we will be able to finish our microfilming and lamination project for letters and other documents of Mahatma Gandhi preserved here,'' informed Amrut Modi, Secretary, Gandhi Ashram Memorial Trust.

More than 3,000 Small and Medium Enterprises in the state will get major boost as service tax has been exempted for small service providers and surcharge on income tax on all firms and companies with taxable income of Rs1 crore or less removed.

Giving pipelines an infrastructure status and tax concession to them for 10 years has also been a cheering factor for the state.

With tax duty down on Chemical and Plastic units from 12.5 to 7.5 percentage, units in Vapi, Ankleshwar and, Vatwa and other places in the state will reap benefit. But will have to compete on the price front due to 7 to 8 percent cut on customs duty.

Increase in budgetary allocation for Scheme for Integrated Textile Parks (SITPs) from Rs 189 crore in last budget to Rs 425 crore this year will directly benefit six SITPs in Gujarat: two in Ahmedabad, three in Surat and one in Mundra.

“Now, allocation of increased funds from Government, work on development of parks will speed up,” said Nayan Parikh, convenor of Textile Panel at CII.

Extension of Technology Upgradation Fund for textile industries for the next five years was also a welcome move, he added.

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