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18 Apr 2024, Edition - 3201, Thursday

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TN budget: ‘Early releasing of textile policy will boost investment’

Covai Post Network


COIMBATORE: Trade and Industry in the region on Thursday welcomed the Tamil Nadu budget for 2018-19 presented by Finance Minister and Deputy Chief Minister O. Paneerselvam.

In a statement, President of Local Chapter of Indian Chamber of Commerce and Industry Vanitha Mohan appreciated the efforts of the government to lower the fiscal deficit from 4.12 per cent of GSDP to 2.82 per cent.

Welcoming various features, including allocation for social welfare, Athikadavu-Avinashi project and allocation for higher and school education, Vanitha Mohan said that the budget has shown as revenue deficit of Rs.17,490 crore.

“The long felt need of Coimbatore is the implementation of Metro Rail Project which we hope will see the light of day in the forthcoming year and we also expect allocation of funds for acquiring lands for Coimbatore Airport expansion project,” she said.

In a separate statement, Tirupur Exporters Association president, Raja Shanmugham welcomed the announcement of releasing the long awaited new Integrated Textile policy.

“Early releasing of the policy with incentives at par with other states will boost investment in our state itself at a time when other states have come out with attractive Textile Policies and have been periodically inviting Tirupur entrepreneurs to invest in their respective states,” he said.

He also welcomed the increased allocation for Skill Development from Rs.150 crore to Rs.200 crore for providing training to two lakh unemployed youth, which will help the industry and the need of the hour to the industry.

Raja Shanmugham also hailed the allocation of fund for removing the deficiencies in ITI and also allocation of more fund to ITIs and welcomed the announcement of increasing the loan from Rs.one crore to Rs.5 crore to first generation entrepreneurs.

Chairman, CII Coimbatore zone, M. Ramesh said that, given the period of economic recovery following the demonetisation exercise and implementation of GST across the nation, the state is leading in ‘Enrollment to Higher Education Institutions in the country.’

“It has shown significant improvements in overall health care indicators (like Infant Mortality Rate) in the country,” he said. “Tamil Nadu is also quoted as the second biggest economy within the country which had a growth rate of 8.03 per cent during 2017-18,” Ramesh said adding that it is heartening to note that the State is expected to grow at 9 per cent during 2018-19 as per the plans made in the budget document.

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