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23 Apr 2024, Edition - 3206, Tuesday

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Coimbatore industrialists welcome Union Budget

Covai Post Network


Industrialists in Coimbatore welcomed the Union Budget tabled yesterday.

CII Coimbatore Zone Chairman S Narayanan said small and medium enterprises received a boost through tax measures as well as access to credit. The Budget had some good measures to ease lives of common people with emphasis on farm sector, education, healthcare and social protection.

“Many of the measures in the Budget are in line with CII recommendations such as incentives for new jobs, extending fixed term employment, enhancing quality of education, including teacher training and addressing healthcare access. Overall, this is a balanced and prudent Budget that sets the foundation for future growth in the economy,” he said.

CII Vice-Chairman M Ramesh said, “In a difficult year, the FM has done well to contain the fiscal deficit at 3.5 per cent of the GDP, a deviation of 0.3 per cent from the Budget estimate.”

Tirupur Exporters Association President Raja M Shanmugham welcomed the announcement of allocation of Rs 7,148 crore for the textile sector of which, Rs 2,300 crore had been allotted to the Amended Technology Upgradation Fund Scheme and Rs 2,164 crore for remission of State levies. He also welcomed the reduction of corporate tax from 30 per cent to 25 for medium enterprises up to Rs 250 crore turnover. Raja hailed the healthcare protection scheme for over 10 crore poor families.

However, he expressed disappointment over less allocation of amount for state levy remission in the revised estimates also as the pending claim was more for the apparel sector. He pointed out that the scheme came into effect from September 20, 2016, and the actual requirement for apparel sector alone till March 31 2018 was in the region of Rs 5,000 crore (average 3.5 per cent of FOB value of garments) whereas, the total allocation for this period was Rs 2,255 crore only. The concern was that the made-up sector had also to be given the benefit out of the allotted amount.

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