IMC welcomes Maharashtra budget

Mumbai, March 22 (UNI) The Indian Merchants' Chamber (IMC) has welcomed the State Budget 2007-08 presented in the Maharashtra Legislative Assembly by the Finance Minister Jayant Patil for making important provisions for various urban infrastructure facilities in Mumbai.

In a statement issued in wake of the presentation of the Budget, Mr Nayan Patel, IMC President said,''Mumbaikars have every reason for being grateful to the Maharashtra Government for keeping their interest in mind while formulating the Budget.'' The Finance Minister has taken care to make allocations for Mumbai's lifeline projects such as Vaitarna Water Supply Scheme, World bank-aided stormwater drainage (BRIMSWAD) project, first phase (between Versova-Andheri and Mahim) of the underground Metro Rail project, provisions for upgrading Suburban Railway corridors under MUTP, Sewri-Nhava Sheva sea bridge project, Mithi River development project and beautification of Mumbai's seacoasts including its beaches besides the Gateway of India and Banganga Lake.

Mr Patil has provided for an immediate additional supply of 500 MW to meet the present power shortage in the State. Plans are afoot for adding 2,894 MW capacities in the coming years, he added.

The Finance Minister has also provided for the State's share of contribution to the Central government's Jawaharlal Nehru National Urban Renewal Mission (JNNURM) allocations for urban renewal of Mumbai, Thane, Mira-Bhayandar, Thane, Bhiwandi, Dombivali and various other urban agglomerations in Maharashtra.

''Admittedly, the Budget's thrust has been the development of the agricultural sector and alleviation of human distress in the six drought-prone districts of Vidarbha, where we have been witnessing a spate of suicides by farmers. And I fully endorse the special attention given to them,'' he said.

Another important feature of the budget was its thrust on development of minor and intermediate ports like Rewas, Vijay Durg and Jaigad in different districts of the State's 720 km long Konkan coast. ''This step will not only ease the pressure of cargo handling on the Bombay Port and Jawaharlal Nehru Port but would enable the growth of two Special Economic Zones, which are being set up in Navi Mumbai, Panvel and in Raigad district. In addition, it will also give a boost to economic growth in the hinterland of Sindhudurg and other districts in Konkan coast.'' That the State government was in the process of improving the provisions of its industrial policy, and that it intended to give special incentives to Foreign Direct Investment (FDI) were other positive features of the Budget.

''I am somewhat disappointed that the Finance Minister did not announce abolition of the much-maligned system of Octroi. The trade and industry in Maharashtra have been eagerly waiting to hear it from him but sadly it did not happen,'' he added.

UNI