With just a few days left for the budget 2007-8, an ASSOCHAM business barometer (ABB) survey of CEOs reveals that they anticipate a two per cent slash in peak customs duty. The survey also shows that India Inc is looking forward to measures in the budget to give a boost to the farm sector.
A majority of 72 per cent of 150 CEOs and managing directors surveyed by ABB anticipate that finance minister, P Chidambaram may bring about a considerable reduction in the customs duties from a peak level of 12.5 per cent to around 10 per cent to improve supplies of both essential commodities and raw
material for industrial goods.
The survey says that apart from the need to check inflation, another
prime reason why members of India Inc feel that there would be a cut in the peak customs duty is owing to the commitment of the government to bring down the tariff to the Asean level.
A majority of the respondents in the survey, as many as 90 per cent remained optimistic about the liberal offers for the farm sector in the budget. ‘To give a boost to the languishing agriculture sector, India Inc. is hopeful about the increased budgetary allocations for the farm sector coupled with a package of duty cuts for the food processing sector’, said a statement from Assocham.
"Special attention to agriculture in budget is requisite for increasing the productivity and sustaining 9 per cent GDP growth", said Assocham president, Venugopal N. Dhoot.
The survey also reflects that corporate heads are of the view that infrastructure is another focus area for the government. About 63 per cent of the company heads have stated that a good number of tax sops are in waiting for the companies investing in sectors like roads, highways, ports etc. A majority of respondents anticipate a slew of measures to induce rural infrastructure investments.
Seventy Four per cent feel that the investment inducing measures may include tax concessions subsidies and deductions.
Courtesy : Asianage.com
A majority of 72 per cent of 150 CEOs and managing directors surveyed by ABB anticipate that finance minister, P Chidambaram may bring about a considerable reduction in the customs duties from a peak level of 12.5 per cent to around 10 per cent to improve supplies of both essential commodities and raw
material for industrial goods.
The survey says that apart from the need to check inflation, another
prime reason why members of India Inc feel that there would be a cut in the peak customs duty is owing to the commitment of the government to bring down the tariff to the Asean level.
A majority of the respondents in the survey, as many as 90 per cent remained optimistic about the liberal offers for the farm sector in the budget. ‘To give a boost to the languishing agriculture sector, India Inc. is hopeful about the increased budgetary allocations for the farm sector coupled with a package of duty cuts for the food processing sector’, said a statement from Assocham.
"Special attention to agriculture in budget is requisite for increasing the productivity and sustaining 9 per cent GDP growth", said Assocham president, Venugopal N. Dhoot.
The survey also reflects that corporate heads are of the view that infrastructure is another focus area for the government. About 63 per cent of the company heads have stated that a good number of tax sops are in waiting for the companies investing in sectors like roads, highways, ports etc. A majority of respondents anticipate a slew of measures to induce rural infrastructure investments.
Seventy Four per cent feel that the investment inducing measures may include tax concessions subsidies and deductions.
Courtesy : Asianage.com