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Published & Updated as on -
2010-02-19
New Delhi: Corporate India wants
stimulus package given in the form of excise duty cuts by the government to
industry in the wake of the global financial crisis, to continue into the next
fiscal, says a survey.
"Majority of India Inc seeks
extension of existing excise sops for the next fiscal," Assocham said
citing a survey.
About 400 CEOs were survey on industry
expectations from the Union Budget 2010-11, to be unveiled on February 26.
The
survey said that Finance Minister Pranab Mukherjee would focus more on
sustaining the current growth momentum for which the continuation of fiscal
concessions would have to be retained.
"85 per cent of
CEOs belonging to micro, small and medium, and large enterprises polled in the
survey held that stimulus package for textiles, gems and jewellery,
construction and real estate, and cement and steel should go on for
2010-11," it said.
However, there is an apprehension of
withdrawal of excise benefits from engineering and automobile sectors, the
survey said. The sectors are out of recessionary mode, it added.
As
much as sixty per cent of those surveyed are of the view that the Finance
Minister might propose to the Reserve Bank in his budget proposals to monitor
activities of micro finance companies and restrict them from availing huge
credit from commercial banks under garb of priority sector lending at highly
reduced rates.
Source: Economic times 17/2/10
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