BCC disappointed over non framing of special norms for Bihar

Patna, Feb 28 (UNI) The Bihar Chamber of Commerce (BCC) today said that the Union budget has disappointed the trade and industry of Bihar as it was widely expected that the union government will provide economically and industrially backward state status to Bihar and will frame special norms for the state at par with Uttranchal, Himachal Pradesh and north eastern states.

BCC president O P Sah said that while the budget proposed number of incentives for the North Eastern region including formulation of new industrial policy, it has once again deprived Bihar, which is in dire need of such incentives. By denying such a necessary facility to Bihar, the government has done gross injustice to the state. He said that the state's bifurcation has completely changed the development parameters of Bihar particularly in terms of availability of resources. Hence, framing of special norms for the state has become imperative for removing prevalent economic imbalance from North Eastern states.

He, however, hailed the budgetary proposal to raise excise duty exemption from Rs. one crore to Rs. 1.5 crore but was of the view that this exemption should be raised upto Rs.2 crore in order to provide proper facilitation to the SSI sector. He also welcomed the reduction of CST by one per cent, excise duty exemption to instant food mixes, reduction of excise duty on cement, plywood, sunflower oil, watch, umbrella as well as reduction of customs duty on polyester and fibre.

Terming the budgetary proposal of no new forward contract on wheat and rice as a realistic proposal, he said that this will put an end to un-necessary market speculations. He also hailed the preference given in the budget to the textile industry besides creation of corpus fund for the upgradation of ITIs across the country. He also welcomed special purpose tea fund created to rejuvenate tea production.

Chamber's president warmly welcomed the budgetary proposal to include the Munger Rail-Road Bridge Project in the national programme. The project is bound to boost the economy of Bihar, he said. He welcomed the proposal to provide grant to Rajendra Smriti Sanghralay. Patna. He also welcomed the removal of surcharge on Corporate Income Tax on Companies below Rs one crore besides raise in the threshold limit of Income Tax.

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