Finance minister shouldn’t be biased against Telugu states in allocations

S.S. RAMA CHANDRA MURTY GM, HMT Ltd.

Ihave a serious concern about the existing loopholes in the economy and have great expectations from the finance minister. The Indian economy is in a state of turmoil due to the effects of demonetisation, GST and failure of the state governments to revise real estate prices so that they are not too far from the markets rates. There are serious concerns over the implementation of the Goods and Services Tax (GST) which created an adverse impact on business across sectors.

I suggest that the state and central governments work to rectify loopholes in policies and updating real estate prices, a subject which is in the control of the state governments. I hope the finance minister presents an employee-friendly budget and encourage businesses.

As far as employees are concerned, the income tax limit has to be enhanced to `10 lakh as the rupee value has come down drastically. The finance minister should find a way to increase the tax base by liberalising rules, particularly for small businesses.

Similarly, interest rates on home loans should be reduced to make housing affordable to economically poor individuals and in the process encourage real estate in the country.

The finance minister should also provide adequate funds for infrastructure development and establishment of central government institutions in the Telugu states without showing bias.

general manager, HMT Ltd., Plot No. 454, HMT Hills, Kukatpally