Sanjiv Goenka lauds steps to draw investment in manufacturing

Kolkata, July 10 (IANS) RP-Sanjiv Goenka Group chairman Sanjiv Goenka Thursday praised the union budget for its promise to reduce fiscal deficit, steps to attract investments in the manufacturing and infrastructure sectors, and restore investor confidence with a stable and predictable tax regime.

Goenka also lauded the promise to reduce fiscal deficit to 4.1 percent this year and 3.6 percent next year, and encouragement for infrastructure investment in roads and the increase in investment allowance.

He backed the proposal for 10-year tax holiday for power projects, assurance of coal supply to power companies, and the decision to revive Special Economic Zones.

"The proposed Rs.50,000 crore investment in roads should provide a boost to the economy. The proposal not to have any retrospective tax should make the investment climate more attractive," said Goenka.