A.P. chamber hails budget

Pydah Krishna Prasad, president-elect, the AP Chamber, has hailed the first ever digital Union Budget presented by Finance Minister Nirmala Sitharaman.

“Various reforms being introduced in the Budget are a welcome initiative which will boost investors’ sentiment and improve the Ease of Doing Business. Though direct taxes are left unchanged, introduction of Agriculture Infrastructure Cess on various commodities may lead to an unhappy situation,” he said.

Sudhir Mulagada, chairman, Visakhapatnam Zone, said, “One of the positives of the Budget was allowing consumers of electricity alternatives to choose from more than one distribution company. Another positive is the Finance Minister’s announcement that the Centre will set up the equivalent of a ‘bad bank’ to help revive the banking sector from the bad loan crisis.”

He also said that an asset reconstruction company and an asset management company would be set up to consolidate and take over the existing stressed debt so that banks can concentrate on fresh credit.

“There was a lot of thrust on infrastructure spending on roads and ports. This will benefit the State as A.P. has a number of ports. There is a substantial increase in investment in health infrastructure as well,” he said.

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