GCCI urges Centre to give one-time grant

GOANEWS DESK, PANAJI | 26 February 2013 22:56 IST

Goa chamber of Commerce and Industry has urged the centre to give a special one-time grant of Rs 1000 crore to Goa, due to mining crisis.

In a pre-budget memorandum submitted to union finance minister P Chidambaram, the GCCI has envisaged a revenue hit of not less than Rs 7750 crore.

The revenue loss towards central taxes would be around Rs 4500 crore and Rs 1250 crore towards state revenue, stated GCCI president Mangirish Pai Raikar, in a letter addressed to Chidambaram.

“While  the  shortfall  in  revenues  on  account  of Goa  may be  insignificant  to the Centre,  the  State , given  the small size  of  its  revenue  base,  will find it  difficult  to  make  up  for  the  25%  shortfall  in  the  revenues”, stated GCCI president.

The GCCI has also presumed that the position occurred due to mining ban would not improve in the ensuing fiscal year as the case is before the Supreme Court.

He also observed that though  Goa  is  ranked  as  one  of  the  best  states  in  India  as  an

 investment destination and on quality of life, in reality, Goa is an industrially backward state.

The GCCI has also recommended to the union finance minister to grant income tax exemption under section 10B to new industrial units in Goa since the state has decided not to have Special Economic Zones, which are granted similar exemption.

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