Union Budget’s focus on growth, infrastructure will benefit Puducherry: CII

The Confederation of Indian Industry, Puducherry chapter has said the Union Territory’s pharma, tourism, education and MSME sectors could leverage from the growth and infrastructure-oriented budget presented by the Union Finance Minister, Nirmala Sitharaman, in the Lok Sabha on Sunday.

Tourism has been identified as a major employment generator. Puducherry could become a high-value coastal, heritage and medical tourism hub by tapping the budget initiatives. The territory could generate job opportunities by providing skill training in collaboration with the Indian Institute of Management, Vice-Chairman, CII Puducherry State Council M. Nadarajan said in a statement.

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The decision to allocate ₹10,000 crore for SME Growth Fund and revival of 200 legacy industrial clusters will directly benefit Puducherry’s MSME driven economy and create more employment. The pharma sector in Puducherry could benefit from the Biopharma Shakti scheme announced in the budget on an outlay of ₹10,000 crore over five years. 

The scheme will help boost the Union Territory’s economy by improving pharma and biopharma manufacturing, clinical research, and allied services. The announcements related to education with a focus on University Townships will be advantageous to Puducherry, the release said.

Forward looking budget: former MP

Former MP and president of PMMMK M. Ramadass said the Finance Minister deserves appreciation for presenting a “forward looking and aspirational,” budget. The financial statement addresses the current challenges and unveils a vision for the future. 

The expenditure and tax proposals are by and large in the right direction. Setting up of a Manufacturing Mission, creating champion MSMEs, boost to infrastructure, ensuring energy security and stability would sustain the growth momentum. Allocating ₹ 12. 2 lakh crore for Capital expenditure reflects the “earnestness” of the government in implementing big ticket schemes announced in the budget, he said. 

“However, there are certain apprehensions and concerns about the announcements and assumptions surrounding them. The first concern is regarding growth rate of 7. 1 per cent despite eight growth oriented budgets in the past.. If our growth engine has traversed the right path the economy could have grown beyond 10 per cent. Whether the private sector which was heavily relied on for growth has failed or our strategies have unexpectedly slowed the progress is a point to be pondered over,” Mr Ramadass said.

Also, the attempts to integrate India with the global economy could do more harm than good especially in the present context of increasing uncertainties in international arena and due to tariff war, the statement said.