Poll-eve budget to boost economy: AP industry

Visakhapatnam: Industry bodies in Andhra Pradesh said the Union Budget has given increased thrust on the manufacturing sector, capital infrastructure, MSMEs and strengthening the rural economy and startup ecosystem. It will have a multiplier effect creating new jobs and investment opportunities and promoting the domestic travel industry, said Neeraj Sarda, chairman of CII – AP Chapter.

He said overall, with elections scheduled in 2024, income tax limit has been raised benefiting salaried class and those with an annual income of less than Rs 7 lakh. He said it is growth-oriented as proposals have been made for huge capital expenditure of Rs 10 lakh crore.

Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) has described the Union Budget as positive and growth-oriented. Karunendra S Jasti, FAPCCI President, said it has twin boosters of higher capex outlay and moderation of personal income tax at the lowest and highest level, thus boosting growth and consumption while keeping the fiscal deficit and market borrowing in line with market expectations of 5.9 per cent and Rs 15.43 lakh crore.