Jayalalithaa describes budget as forward looking

Chennai, July 10 (IANS) Tamil Nadu Chief Minister J. Jayalalithaa Thursday described the union budget 2014-15 as "forward looking" and said it would lead to economic revival.

In a statement here, Jayalalithaa said: "The union budget reflects the seriousness with which the new government has set about the task of addressing the challenge of revival of growth and improving the macro-economic situation of the country."

"On the whole, I expect that this forward looking budget will lead to economic revival and ensure that further incentives to growth can be afforded in the next two to three years," she said.

According to her, the budget presented by Finance Minister Arun Jaitley is a very responsible document placing fiscal prudence at the forefront and at the same time addressing the heightened expectations from the government.

Welcoming Jaitley's proposal to set up an expenditure management commission, she hoped it would address the issue of expenditure management in the appropriate socio-economic context of the country and keeping the welfare objectives in view.

Stressing that the proposals relating to allowing foreign direct investment should be approached cautiously, she said: "In particular, the proposal to permit manufacturing entities set up with FDI to sell their products through retail, including e-commerce platforms, should not extend to permitting FDI in retail."

Thanking the central government for including the development of Ponneri near here as a smart city, the chief minister said the state was looking forward to the details.

She said the state expects to avail its due share of Rs.7,060 crore provision made for the project and the pooled funding provision of Rs.50,000 crore for urban renewal.

According to her, the Chennai-Bangalore industrial corridor and the Vishakapatnam-Chennai industrial corridor would benefit only Karnataka and Andhra Pradesh and not the many backward regions in the state.

Requesting the central government to extend these corridors within the state Jayalalithaa said: "The Madurai-Thoothukudi Industrial Corridor proposed to be implemented by Tamil Nadu can be considered as part of the East Coast Corridor by extending the Vizag (Vishakapatnam)-Chennai corridor further south."

Jayalalithaa also welcomed the budget proposals to set up in Tamil Nadu a mega textile cluster, ultra mega solar power plant and the additional investment for the Outer Harbour Project in Thoothukudi.

On budget proposal to improve the heritage towns Kanchipuram and Velankanni in the state, she said: "It would have been appropriate to include Srirangam as well."