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Mixed reactions from FICCI
Onkar Singh in New Delhi
 
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February 29, 2008 17:01 IST

There was a mixed response from members of the Federation of Indian Chambers of Commerce and Industry to the Union Budget.

While calling it a good Budget with political overtones, many captains of industry minced no words in criticising Finance Minister P Chidambaram for not reducing corporate tax.

Sudhir Jalan, past president, FICCI and vice chairman, SICPA India Ltd, said: "Keeping in mind the circumstances under which he had to present the Budget, I would say that Chidambaram has done a very good job. As suicides by farmers was a national concern the FM has addressed it by allocating Rs 60,000 crore to waive loans for marginal farmers."

Devin Narang is chairman and managing director of Freeplay Energy for Life. His company in association with the Narang Group and Freeplay Energy Plc, UK will make machines that convert junk into electricity and will be of great use to farmers.

"We welcome the announcement about giving incentives to those using alternative sources of energy. We have to still see what it is. We have developed a machine which can be used by the small and marginal as well as big landlords to generate energy," he said.

Shavinder Mohan Singh, chairman of Fortis, was all smiles as the finance minister announced a five year tax holiday for all the hospitals what start functioning before March 2013 to boost medical tourism.
"I am more than confident that the hospitals sanctioned will begin functioning much before the deadline set by Chidambaram.

Subash Goyal, chairman, Stick Travel Group, said the tour operators were not very happy with the pronouncements of finance minister. "I have mixed reaction. It is good that there has been tax reduction in cities with cultural and heritage sites. But we are disappointed that the industry has not been exempted from service tax. Right now we are going through a bad patch and the industry was looking for a much needed boost," he said.



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