TCCI offers 92-95 pc marks for Union Budget 2019: Venkateshwarlu

TCCI offers 92-95 pc marks for Union Budget 2019: Venkateshwarlu

Agency News

Hyderabad, Feb 6: Telangana Chambers of Commerce and Industry (TCCI) President and RDF Power Gen Limited Managing Director M Venkateshwarlu has offered 92-95 per cent marks for Union Interim Budget 2019.

In his welcome address during the Panel discussion on “ Budget-2019: A qualitative Discussion” organised by Federation of Indian Chambers of Commerce and Industry (FICCI) and held at a private hotel here on Wednesday, Mr Venkateshwarlu said that the ASSOCHAM also expressed its total satisfaction and extended 95 per cent marks to the budget.

Mr Venkateshwarlu noted that when go around the graph of ease of doing business, Indian rank has 77 out of 142 during 2014.( At the same time, Telangana has 30th position. But now became almost number one position in India). Foreign Direct Investment (FDI) also increasing day-by-day. USD 239 million FDIs received this year, according to Union Finance Minister.

Industrial growth also reported from 3.8 per cent in 2014 to 5.5 per cent during 2018. Today it seems to be around 7.8 per cent. The Indian economy is poised to increase 100 per cent during the next five years from present USD 2.6 trillion to USD 5 trillion, he said.

The TCCI President said that the industry has expected many changes in MSME policy from Government of India. It is struggling against the ocean and striving every platform. According to a survey, about 13 crore MSME units are in the country. Of them 90,000 units are sick and due to this about 50 lakh employers were now out of employment.

He said the Government of India also making all efforts in this regard and issuing directions to the Banks to encourage MSMEs. Prime Minister Narendra Modi himself had intervened on the issue.

In wake of increasing NPAs in MSMEs, this is the need of hour to appoint ombudsman with relevant experience and strategy to bring back MSMEs on track , he said and hoped to announce some more policies in favour of MSMEs soon by the government of India, Mr Venkateshwarlu said.

Dr Steven Raj Padakandla, Assistant Professor (Economics) and Area Chairperson, IMT-Hyderabad, Mr CS Vasudeva Rao Devaki, Founder D V Rao and Associates, Dr Srikanth Reddy, College of Horticulture, Rajendranagar, Mr Naveen Agarwal, Partner E&Y and Mr Bala Vinod, Managing partner, Architechtural Solutions have participated in the panel discussion. (UNI)