CII welcomes AP Budget

The Confederation of Indian Industry (CII) has welcomed the state Budget presented by the finance minister K Rosaiah on Friday. The CII in a release said that the budgetary allocation of Rs 15,450 crore, a 17.75 per cent increase over the last year is a welcome move by the government.

Ramesh Datla, chairman, CII-Andhra Pradesh, said, "The CII welcomes the efforts of the state government to manage revenue and fiscal deficit within the manageable limit. It is also heartening to note the government's initiative to wipe out revenue deficit by 2006-07."

CII has also praised the initiatives of the government towards implementation of VAT in the state and said that it was a pre-requisite to global competitiveness of Indian industry.

"The revenue deficit is down by 16.72 per cent compared to last year and the fiscal deficit is pegged at 3.72 per cent of GSDP down from the last year is truly commendable. This along with the government's initiative towards introduction of Fiscal Management Bill in near future is also commendable," Datla said.

He also said that the budgetary allocation for R&B to the tune of Rs 1,404 crore and focus on irrigation, with an allocation of Rs 6,350 crore would strengthen the rural economy.