Pondy CM presents tax-free budget

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Puducherry, Mar 27: Puducherry Chief Minister N Rangasamy, holding the finance portfolio today presented a Rs 3333.24 crore tax-free budget for 2008-09 in the territorial Assemby.

Presenting the budget, Mr Rangasamy said of the Rs 3333.24 crore, Rs 1,750 crore was under plan, Rs 1,553.40 crore under non-plan and Rs 29.84 crore under centrally-sponsored schemes.

The funding pattern of gross budget estimate 2008-09 was Rs 703.05 crore as grant from the Union Government and Rs 1225.79 crore by way of loan from various sources, he said adding Rs 1404.40 crore would be from the Union Territory's own resources .

The Chief Minister said the Pondicherry Industrial Promotion Development and Investment Corporation (PIPDIC) plans to set up one micro industrial estate in rural area on a pilot basis at an area of 2 to five acres with infrastructural facilities to encourage local entrepreneurs to start micro-level manufacturing and service enterprises.

A new scheme for attracting and channelising Foreign Direct Investment (FDI) specifically from NRI's had been started and a separate and dedicated website would be hosted for interacting with NRIs.


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