HYDERABAD: Business community of Hyderabad has termed the Annual Budget 2016-2017, the agriculture friendly budget, however, they welcomed the announcement of receding zero percent tax and duty on different industrial units and hoped that such decision would bring sizeable improvement in country's exports.
Talking to APP, the Senior Vice President Hyderabad Chamber of Commerce and Industry Turab Ali Khoja said the government has announced maximum incentives to agriculture sector which would definitely bring positive results in this sector.
The exporters got a big relief in the annual budget, he said and hoped that it would enhance the exports of country's manufacturing sector that would earn valuable foreign exchange.
Similarly, he said that providing incentives to cattle, fish and dairy farming would also put a new life in this sector and enhance the socio economic activities of the people affiliated with this sector.
He pointed out that significant increase in Public Sector Development would also help in improving the living standard of the common people, however, he said that the percentage of poverty rate which stated in the budget speech is incorrect and needs to be corrected.
Turab Ali Khoja appreciated the allocation of sufficient grant in the Defence Budget adding that it is the need of the hour as the Armed Forces have been engaged in rooting out terrorism and whatever they required, the same should be earmarked in this regard. He also appreciated the allocation of Rs. 100 billion for rehabilitation of displaced people adding that their rehabilitation is necessary.
The Senior Vice President HCCI also appreciated the enhancement of 10 percent basic salary of the government employees, but said that the minimum wage which announced in the budget would create difficulties in the private sector.
He underlined the need of making effective control on price hike on essential commodities so that the same could be reachable to both public and private sectors employees even in the bracket of minimum wages.