Puducherry CM presents tax free Budget, reduces crop loan interest

Puducherry, Mar 27 (UNI) Puducherry Chief Minister N Rangasamy today presented a Rs 3,333.24 crore tax free Budget for 2008-09 in the territorial Assembly.

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 Chief Minister announced reduction of interest of crop loans through cooperative banks from seven to four per cent.

Altogether Rs 283.33 crore has been earmarked under the special component sub-plan out of the total plan outlay of Rs 1,750 crore for 2008-09, which works out to 16.19 per cent, he said.

He announced that the Pondicherry Industrial Promotion Development and Investment Corporation (PIPDIC) propose to set up one micro industrial estate in rural area, on a pilot basis in an area of two to five acres to encourage local entrepreneurs to start micro level manufacturing and service enterprises.

A new scheme for attracting and channelising FDI, specifically from NRI has also been started, he added.

(Eds: pls pick up suitably from earlier series).

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