The announcements in the Union Budget 2015 for the growth of tiny and small scale industries have brought cheers to the sector that provides employment to more people after agriculture.
The president of Madurai District Tiny and Small Scale Industries, V. S. Manimaran, said the creation of Micro Units Development Refinance Agency (Mudra) Bank would aid industrial growth and improve employment opportunities. He welcomed the move to simplify licensing procedures for starting tiny and small units and rationalise EPF rules.
The proposed National Skills Mission would ensure supply of skilled workforce for the small scale sector and the five new power generation schemes with 4000 MW capacity and move to tap renewable energy sources to generate 1.75 lakh MW would go a long way in bridging the gap between demand and supply.
The National Optical Fibre Network Programme would aid growth of village industries, he said.
However, Mr. Manimaran felt that it was disappointing that personal income tax exemption limit had not been increased.
The increase in service tax and excise duty would hit the small industries.
Creation of Micro Units Development Refinance Agency (Mudra) Bank will aid industrial growth
