Extension of sunset clause for industrial parks hailed

Ronojoy Banerjee, Saahil Anant, New Delhi
Financial Chronicle
India Inc on Monday welcomed finance minister Pranab Mukherjee’s measure to extend the sunset clause for industrial parks by 2 more years up to March 31, 2011.

Ganesh Natarajan, CEO of IT firm Zensar Technologies, said, “Exporters will get a big relief. The slowdown had made life very difficult for most of them and hence the move is welcome.”

"There was a compelling case for the extension of tax holiday for industrial parks as IT spending is going down and the industry is facing challenges. This would help the IT industry as the STPI scheme is expiring and the only alternative left was SEZs," said Jai Mavani, executive director (infrastructure and government practices), KPMG.

"There was a demand for the extension. This comes as a major stimulus for India Inc from the government," a senior commerce and industry ministry official who did not want to be named said.