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17 February, 2009

Budget didn't go far, feel people

The Times of India
CHANDIGARH: Government budgets that gain everybody's approval are rare. The outgoing UPA government's interim budget presented on Monday' limited in its scope as the regime's remaining tenure' had heavier odds stacked against it. Besides, it did not offer anything specific to UT Chandigarh.
   There was a feeling that the final budgetary allocation for Chandigarh was a disappointment as it got a measly Rs 30 crore against the demand of Rs 600 crore. UT finance secretary Sanjay Kumar said the administration was optimistic that the final budget would make up for Chandigarh's loss.
   "Industry was expecting targeted sector-specific tax incentives to kickstart segments such as housing, steel, cement, consumer durables and passenger cars etc, which have high output and employment intensities. The fiscal deficit is also too high and may result in credit squeeze for trade and industry," said president of Punjab, Haryana and Delhi Chamber of Commerce Satish Bargodia. ...
   ... The defence community was upbeat as the interim budget increased the allocation for forces by 31%. Air Marshal (retd) Randhir Singh said that increased budget should be spent on inducting advanced equipment in the forces. Expectedly, the BJP was critical. Its candidate for Chandigarh parliamentary constituency Satya Pal Jain said the budget was directionless. ...