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Safexpress Praises the Union Budget 2009 - The company had made some key recommendations to the Government of India before the Budget. In a Post-Budget reaction, the company has expressed contentment over the measures taken by the Government
Safexpress Praises the Union Budget 2009

 

PRZOOM - /newswire/ - New Delhi, Delhi, India, 2009/07/10 - The company had made some key recommendations to the Government of India before the Budget. In a Post-Budget reaction, the company has expressed contentment over the measures taken by the Government.

   
 
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Safexpress, the ‘Knowledge Leader’ and the ‘Market Leader’ of the Indian Supply Chain and Logistics Sector, has praised the Union Budget 2009. The company had made some key recommendations to the Government of India before the Budget. In a Post-Budget reaction, the company has expressed contentment over the measures taken by the Government.

Speaking to the media about the Union Budget 2009, Mr. Vineet Kanaujia, GM-Marketing, Safexpress said, “We had made certain vital recommendations to the Government of India before the Budget, with respect to the growth of Supply Chain & Logistics sector in India. We are grateful to the Government for taking actions which are very well in line with the recommendations made to them by us.”

“This Budget is fundamentally strong and has been designed keeping in mind the overall good of the economy and the people. Also, the Government’s clear focus on Economic Resurgence and Long-term Growth is very admirable.”

Speaking about the pre-Budget recommendations, Mr. Kanaujia said, “Some of the Key Recommendations made by us on behalf of the Supply Chain & Logistics sector to the Government included increasing the thrust on Infrastructure Development, bringing in a Uniform Tax Structure, providing industry status and setting up a single regulatory body for the entire sector, and creating more skilled manpower,.”

Reflecting upon the Union Budget 2009, Mr. Kanaujia said, “The Government has increased its budget on Infrastructure Development significantly this year. It has increased the outlay towards development of National Highways by 23% and Railways infrastructure by over 50% vis-à-vis last year. This Infrastructure boost is an excellent move and will contribute immensely in the overall Economic Growth of the country.”

He added, “The Government has shown an intent to exponentially augment the Infrastructure spends to 9% of India’s GDP by 2014. It has announced an investment of Rs. 6,00,000 Crore between 2009 to 2014 for the development of Infrastructure including Roads, Ports and Airports. Out of the total funds, nearly 80% have been earmarked for the development of Roads. This is very good news for our sector because bulk of the Supply Chain & Logistics business in India happens through Road Transport itself.”

Speaking about the new Taxation policy of the Government, Mr. Kanaujia said, “With respect to the varying tax structures across various states, we had requested the Government before the budget to introduce a Uniform Tax Structure across the country to simplify the Government procedures with respect to movement of goods. The Government’s decision of introducing GST from next year will help in propelling the growth of Supply Chain & Logistics sector.”

Commenting further about the Government’s initiative for implementation of GST, he said, “The Government plans to introduce Dual GST structure in India – Central GST and State GST. This dual structure will ensure a higher involvement from the states, and consequently their buy-in into the GST regime, thus facilitating smoother implementation.”

“Introduction of GST will play a very important role in the growth of Warehousing business in India. It would enable the manufacturers to manage Distribution Centers (DCs) across India at very few strategic locations. At present, to save on Central Sales Tax (CST), manufacturers have to maintain warehouses at multiple locations to show the movement of goods from one company warehouse to another. However, with implementation of GST and phasing out of CST by April 2010, manufacturers will readily outsource their Warehousing requirements to the Third Party Logistics Service Provider. This will not only help the manufacturers to save costs, but they will also be able to focus on their core business.”

“Also, the Government’s initiative, of providing Tax benefits to companies investing either in Warehousing for agricultural produce or in Cold Chain Infrastructure, is a welcome move. This will result in an exponential growth of Warehousing business in India, as well as fuel the faster growth of the entire Supply Chain & Logistics sector.”

“Moreover, in this budget the Government has initiated a uniform Service Tax for all the modes of transportation in the Supply Chain Sector. Till now, the Service tax was levied only on Road and Air Cargo. However, Railway and Coastal Cargo are also being brought under the Service Tax ambit. This would bring further uniformity in Taxation across the entire Supply Chain & Logistics sector.”

Speaking about the need for providing industry status to Supply Chain & Logistics, Mr. Kanaujia said, “One of the key recommendations we had made to the Government before the budget, was to provide Industry status to the Supply Chain & Logistics Sector. We had requested the Government to form a single Regulatory Body to look into the concerns of this Sector. We are grateful that the Government has considered our proposal and indicated towards the formation of a single Regulatory Body for the entire Supply Chain & Logistics sector. This is a huge step by the Government in the right direction.”

Speaking about the growth of Service sector over the last few years, Mr. Kanaujia said, “The structure of our Economy has changed radically over the last with Service sector now contributing over 50% to India's GDP. Our Economy is heavily dependent on the Service sector for growth, and the livelihood of millions of people depends on this sector. Therefore, the Government’s initiatives towards strengthening the Service sector further in this Budget are appreciable.”

“It was expected that the Government would increase the Service Tax in this budget. However, there has been no hike in Service Tax, which has been maintained at 10.3% vis-à-vis 12.36% in the previous year. This will definitely aid the continuous growth of Service sector in India.”

Speaking about the dearth of skilled professionals in Supply Chain & Logistics Sector, Mr. Kanaujia said, “There is an enormous shortage of skilled manpower in the Supply Chain & Logistics sector, as well as the overall Service sector. With the Government’s drive to provide interest-free education loans to students, this will not only help in creating employment for innumerable people, but also the country will be able to create a massive supply of skilled manpower, which is a very big requirement for the growth of Service sector in India.”

From a Direct Taxes perspective, Mr. Kanaujia added “Removal of FBT is a very good step. This will lead to companies offering higher perks to their employees, resulting in increased motivation at workplace. Also, removal of surcharge on income tax will result into an increase of up to 5% in the income of salaried employees giving them a big reason to cheer.”

Speaking about the effect of FBT abolition on his company’s marketing plans, he said, “Abolition of FBT will provide a fillip to our Marketing activities. This will help us in further augmenting the Brand Equity of Safexpress and improving our business volumes.”

Mr. Kanaujia concluded by saying that, “For India Inc to grow at the rate of 9%, Supply Chain & Logistics sector will need to contribute the maximum, otherwise growth can’t be achieved at those levels. The roadmap provided by Government in this Budget is very promising for our sector. This sector has far reaching implications on the economy, and going forward it will keep playing a pivotal role in the overall growth and development of our economy.”

 
 
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Safexpress Praises the Union Budget 2009

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