October 21, 2021

INDIA BUDGET 2021: GOA INDUSTRIES WANTS CHEAP ELECTRICITY FOR MANUFACTURING, RATIONAL GST FOR TOURISM, TAX INCENTIVES FOR MINERAL EXPLORATION

The major industrial association across Goa, are closely monitoring developments into Indian government policies ahead of Finance Minister Nirmala Sitharaman presenting nations budget 2021 – 22 at the parliament.

Speaking to Goajunction, President of Goa Chamber of Commerce and Industries ( GCCI ) Manoj Caculo said that Goan Industries and people across the state have lot of expectations from forthcoming Indian Budget 2021.

GCCI said that in current situation, the Indian Finance ministry should create avenues for spending as  people  having money are not spending, while people who don’t have money cannot spend.  Caculo said that demand in India can be created by government spending on infrastructure projects and Money which was held up due to health priority like situation has to be loosen.

He further maintained that electricity for manufacturing sector has to be given on lesser rate and non essential import from china should be curtailed so that demand for make in India product increases

The president of Tour and Travel Association of Goa ( TTAG ), Nilesh Shah told Goajunction that Finance ministry should understand that tourism industry per say is on survival mode & unless industries survives it cannot be revived.   Shah said that tourism industry requires rational GST, withdrawal of outbound TCS tours, direct subsidy for tourism sector.  TTAG, also wants Aviation turbine fuel to come under GST ambit.

Harish Melwani, Member of Goa Miners Association said that the Indian Government should increase allowances for research pending for exploration and provide better tax incentives for increasing the exploration.  He said that unless mineral exploration is not incentivized people would not invest in research. He maintained that incentives could be in the form of better depreciation or higher rate of depreciation or in the form of some income tax credits.

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