Industry and people friendly Budget: CII

Puducherry, Mar 28 (UNI) The Confederation of Indian Industry (CII) here today described the Annual Budget 2007-08 presented by Chief Minister N Rangasamy as an 'industry and people friendly' Budget.

CII Puducherry Chairman C Chinnasamy in a release here said the introduction of the VAT regime from June one was a welcome move, but the withdrawal of CST to compete with industries in neighbouring states had not been adressed in the Budget. CII hoped that the government would announce some sort of relief in the near future, he added.

Mr Chinnasamy also welcomed the reconstitution of industrial promotion committee under the Chairmanship of Chief Minister and said it would definitely fulfill the expectations of industrialists who wanted to set up industrial units here.

Formation of an NRI cell in the industry department to bring more FDI was also a welcome move, he said, and added that measures were taken for the enhancement of tourism potential in all the four regions of the Union Territory was commendable.

UNI