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No Boost To Invest

 Ahead of the Make-in-Odisha Conclave, Chief Minister Naveen Patnaik was not sure whether the Union Budget, 2020-21 will help the state to attract investment.

Though Naveen did not expressed the fear in words, his reaction on the budget, indicated that the Chief Minister was not happy over the provisions made in the budget to attract investors.
Sensex is an indicator of investor confidence, Naveen said adding that the drop of almost 1,000 points today following the budget presentation shows that there is a huge scope to take a number of measures.
“Investor confidence is important for fresh investments to come in, to spur growth which is the biggest challenge now. This will have a huge impact on job creation and livelihood options for youth,” Naveen said.
Since the priority of the state government was to create jobs for its youth industrialisation, the Union budget now may not help Odisha to attract more investment.
While welcoming some of the announcement made by Union Finance Minister Nirmala Sitharaman, Chief Minister raised concerns over the fall of the State’s share by Rs 3,000 crore.
“Due to the shrink in divisible pool of Central taxes by almost Rs 59,000 crore, Odisha will lose around Rs 3,000 crore,” the chief minister said and also expressed concern for none of the hesitage sites of Odisha getting place in iconic siste.
He was also not happy over non-inclusion of Odisha in the National Tribal museum even as Odisha’s over 22 per cent population was ‘Adivasis.’
Naveen said almost all allocations under the Centrally sponsored schemes have been stagnant and there is not adequate allocation for drinking water schemes.
He, however, welcomed Nirmala’s announcement for Krishi Rail and Krishi Udan for a seamless national cold supply chain and PM-KUSUM to cover 20 lakh farmers for solar pumps.
The Chief Minister also praised the removal of dividend distribution tax and introduction of concessional component tax. “Odisha has requested for extension of Concessional Tax rates to cooperatives in line with Corporate Tax cuts. We welcome the announcement of Concessional Tax rates for cooperatives,” he said.
The CM also welcomed Niramala’s announcement to increase deposit insurance coverage from Rs 1 lakh to Rs 5 lakh, New Education Policy and FDI in the education sector.
 


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