The Hindu Business Line : Disappointing Budget, says Upasi

Mr B.B. Medaiah, President, United Planters' Association of Southern India (Upasi), said in a press statement that it was "disappointed that no mention was made about the four-year long crisis that had crippled the plantation industry resulting in capital erosion, unemployment, indebtedness and no policy initiatives were announced."

The least Upasi expected was the abolition of additional excise duty on tea by which there was no direct revenue implications to Government as it was already transformed into a separate fund.

Unfortunately nothing has come back to the tea industry.

With regard to coffee, representations had been made by Upasi continuously for the past few years, that the only impediment to re-stabilise the industry is the over hanging debt and high interest rate.

Upasi, he said, had also urged the Government that Section 80 HHC be made available for 100 per cent of the profit as was the case earlier and Section 80 HHC to be allowed before apportionment between CIT and AIT for the plantation commodities.

"We are sincerely hoping that our representations have registered with the Minister and if not in the Budget there will be, in the days to come, some major programmes or initiatives to stabilise the plantation sector.

Upasi will be continuing its efforts with the Finance and Commerce Ministries till Government of India addresses the situation.

"Upasi delegation will be meeting the Hon'ble Finance and Commerce Ministers shortly," he said.

Upasi, however, welcomed inclusion of some more machineries in the list of the machineries allowed to be imported at a concession all-inclusive import tariff of 5 per cent.

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