All India Chamber of Commerce and Industries, Tuticorin has welcomed the Tamil Nadu budget - 2015 presented by Chief Minister O. Panneerselvam. P.S.S.K. Raja Sankaralingam, AICCI President, Tuticorin on Friday said the cut in Value Added Tax (VAT) for cellular phones, LED lamps, air compressors, pump sets up and other need of the hour goods would boost industrial production, further in Tamil Nadu. The VAT for these goods was reduced to five percent from 14.5 percent. It would certainly benefit traders, manufacturers as well as consumers.
Besides, the chamber also hailed the allocation of funds to Information and Technology department, micro, small and medium industries, first generation business entrepreneurs. It would create employment opportunities. More importantly, the massive reduction of VAT would attract more industrial investments to Tamil Nadu, especially Tuticorin, where huge infrastructure development has been envisaged, Mr. Sankaralingam said.
Secretary of Indian Chamber of Commerce and Industry, Tuticorin, D.R. Kodeeswaran also welcomed the budget citing that the nod for desalination plant in Tuticorin with fund allocation and stress on Madurai – Tuticorin dedicated industrial corridor would bring in more industries here. He demanded the implementation of new schemes to benefit Tuticorin.
