Fw: Indian Infrastructure needs a global stage to rock

--- On Sun, 28/6/09, venkateswara_v@yahoo.com <venkateswara_v@yahoo.com> wrote: From: venkateswara_v@yahoo.com <venkateswara_v@yahoo.com> Subject: Indian Infrastructure needs a global stage to rock To: BudgetWishlist2009@gmail.com Date: Sunday, 28 June, 2009, 11:50 PM Indian Infrastructure needs a global stage to rock: ----------------------------------------------------------------------------   To achieve the projected USD 500 billion infrastructure spending during 11th Five Year plan, Government needs to bring in a lot more reforms in this sector. World is facing a recession and India is facing a slowdown. To save India from the tentacles of global recession, infrastructure spending is the only medicine without side effects.   The following reformist proposals specific to infrastructure needs to be unvieled in the forthcoming Union Budget, to give this sector a major thrust. Many BOT road & power projects have not taken off during the last year, due to difficulties in achieving financial closure for these projects. Like Power Finance Corporation, two dedicated development financial institutions for Road Sector & Port Sector needs to be established to cater to the financing needs of these sectors. To enable the municipal corporations of several B & C class cities to undertake water,sewerage & other sanitation projects, tax free fund raising instruments should be permitted to them with effective safeguards for repayment & escrow mechanisms.   Global Infrastructure Funds (either singly or in consortium with global/indian infrastructure companies) should be allowed to directly bid for large core infrastructure projects. Many of the infrastructure & construction projects are subjected to both VAT & Service Tax which is irrational. Since service tax is a central tax, union budget will do a good by eliminating service tax for all infrastructure & construction projects. The loss in servise tax will be more than offset by increase in other taxes due to boost for infrastructure spending.                                                               - V. Venkateswara Rao                                                               Chief Financial Officer                                                               SSVG Engineering Projects P Ltd. New Email names for you! Get the Email name you've always wanted on the new @ymail and @rocketmail. Hurry before someone else does!

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