CII Karnataka disappointed over Budget proposals

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Bangalore, Feb 29 (UNI) Business leaders in Karnataka today were a disappointed lot as Budget proposals for 2008-09 presented in Parliament by Union Finance Minister P Chidambaram had 'little to offer and lacked long term substantiality, especially in IT and industry sectors.' However, leaders at the CII meet on the Union Budget here welcomed the proposal for platform created for skill development, especially approving establishment of three IITs in the country.

In their reaction to Budget proposals, speakers opined that much more was expected, including extended tax holiday for IT sector and attracting more Foreign Direct Investment.

Except for Income Tax exemption and tax holiday for hospitals in Tier II and Tier III cities, the Budget remained a 'pre-election exercise,' they felt.

Wockhardt Hospitals Chief Executive Vishal Bali, welcoming the tax exemption of five per cent on import of life saving drugs and Health Insurance, said there was no major proposal for the sector.

''Tax holiday of five years for new hospitals established in rural and urban areas should have been for ten years,'' he added.

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