Industrialists of Kanpur city described this year's budget as an 'industry-friendly' and hoped it would lead to rapid industrialisation of the country.
Excise limit increase for small and medium industries from Rs1crore to Rs1.5 crore and provision for easy loans would boost quality production at small and medium industries and help them face global competition in marketing their products, said Tarun Khetrapal, State President, Indian Industries Association (IIA).
Enhancement of Rs60 crore for constituting Textile Park will open new areas in textile production and export, Khetrapal said.
Decision to grant fringe benefit tax would help promote industrial growth of country and help in relieve business class from problem of tax, said Sunil Gupta President, Provincial Industries Association.
Extending time limit of technical upgradation fund till March 31, 2008 will enable industrialist to avail benefits and help set-up their individual units in different spheres.
Decision to create 150 clusters in handloom sector would revive dying handloom industry, said Manoj Banka of Northern India Hosiery Manufacturers Association.
Leather industry hopes could not be fulfilled in this budget but one percent reduction in central sales tax and extension of service tax limit from Rs4 lakh to Rs8 lakh was welcomed by Mukhtarul Ameen, Chairman, Leather Export Council.
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