Chennai sources have stated that Chambers of Commerce and industrialists in Tamil Nadu gave a positive score to the Union Budget presented by Finance Minister Arun Jaitley on Wednesday. At the budget viewing session that was organized by the Confederation of Indian Industry (CII), its Deputy Chairman, Southern Region, Vikram Kirloskar, said capital gains tax relief for land pooling to build Amaravati could be replicated in other newly forming cities. “There was not much on environment issues and that was disappointing".



B. Santhanam, president and managing director, Flat Glass South Asia, Malaysia & Egypt, Saint-Gobain India Pvt Ltd felt that it was a steady and stable budget with government investments to spur growth of manufacturing. S. Chandramohan, president & Group CFO, TAFE Ltd commented that the fiscal deficit target as well as the market borrowing will make money.

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The Madras Chamber of Commerce and Industry expressed concerns that the manufacturing sector, including the auto sector, did not get its share of attention in the budget. Its president Ram Venkataramani, has said, “Not enough encouragement given to R&D and Innovation, which are keys to future growth. A ‘Scrappage Policy’ for old polluting vehicles would have helped stimulate growth in the auto industry.” He has added that this is an important development, since the promoter shareholding often gets diluted when a Start-up raises multiple rounds of equity.


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