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Tamil Nadu
Budget proposals disappoint manufacturing sector
Staff Reporter
COIMBATORE: The Tamil Nadu Pumps and Spares Manufacturers Association have said that the budget was disappointing to the micro and small industries since there were no specific fund allocation for these units. During the last few months, prices of iron and steel and copper had been going up. Further, Tamil Nadu was suffering from power shortage and there was no proposal for Ultra Mega Power Project for the State.
The Tamil Nadu Association of Cottage and Micro Enterprises has said that the budget had no specific announcement for the manufacturing sector, which was the second largest employment provider in the country after agriculture.
Welcoming the budget proposal to waive agriculture loans for small and marginal farmers, the association said over 60 per cent of these farmers had borrowed from private money lenders and they would not benefit from this announcement.
The Apparel Export Promotion Council has said that the textile industry was expecting concrete proposal to address issues such as competitiveness, power, infrastructure and credit.
The budget had not addressed any supply side shortage except skill development.
The council had been urging for the refund of State levies and a product development fund to provide incentives for product diversification. However, these were not met in the budget.
According to a release, “the council is hopeful that at least some of the policy reform options suggested in the Economic Survey, like increase in work hours to meet seasonal demand, will be exercised in the coming year.”
The Indian Chamber of Commerce and Industry (ICCI), Coimbatore, has welcomed the Union budget proposals as popular and growth-oriented.
In a release, the chamber president, D. Balasundaram, welcomed waiver of agricultural loan for small farmers, increasing the income tax exemption limit, schemes for financial inclusion and specific allocation of adequate funds to women and child welfare.
He said that proposals such as the removal of customs duty on iron scrap and aluminium, reducing customs duty on inputs for the poultry sector and excise duty on paper would benefit the Coimbatore industries.
The chamber had sought a ban on the export of raw materials used by the textile and engineering units and this had not been considered, he said.
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