Industrial Focus in Budget 2008

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The Union Budget 2008-2009 has been presented today by the Union Finance Minister, Mr. P. Chidambaram at the Parliament. The Budget was mixed in nature with the focus on education, agricultural sector, rural development and development of industries.

The spotlight on the industries was received well by the sector with a mixed feeling. The growth of the manufacturing industries sector has been less in comparison to the growth of the other industries.

The budget allocated ` 8000 crores as national fund towards the development of power-based programs and for reforms pertaining to transmission and distribution. A funding of ` 1200 crores has been assigned to the National Housing Bank for refinancing in the corporate sector.

The Information Technology Industry would get ` 100 crores for creating a network between the knowledge institutions. The outlay pertaining to Technology Upgradation Fund has been increased. The Small Industries Development Bank of India (SIDBI) is asked to set up Risk Capital Fund. The Indian Technological Industries are to be upgraded fast and ` 750 crores have been allocated for that purpose.

According to the Confederation of Indian Industry (CII), the budget has been as per the expectation and the industrial sector would be benefited by it.

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