Staff Reporter

Says textile sector needs more support

  • Finds allocation for integrated textile park a positive step
  • Says tea plantations were expecting more relief

    KOCHI: The Union Budget has received a general note of appreciation from the industry. Though several entrepreneurs and industry representatives demanded more allocations and sops, many among them hailed the initiatives in the education, agriculture and rural sectors.

    Navas Meeran, chairman, CII Kerala, termed the budget as an `agri-rural oriented' one. Speaking at a programme organised by the Confederation of Indian Industry, he lauded the social security schemes, the water preservation projects and the help offered to the small and medium enterprises (SME) sector. The funds for plantation crops and the infrastructure fund for tourism would benefit those sectors, he said.

    Umang Patodia, managing director, Patspin India Limited, said the textile sector would require more support. The allocation for integrated textile park was a positive step, according to him.

    M.K. Koshy, chief executive director, LJ International Limited, an AV Thomas Group company, welcomed the agriculture insurance scheme and the fund allocation for development of roads in rural areas.

    The tea plantations were expecting more relief. The budget does not offer much benefit to the tax-payer, he said.

    The focus on agriculture and irrigation was lauded by Sanjay Mariwala, managing director of Kancor Ingredients Limited. He observed that the Finance Minister was silent on special economic zones which had attracted much attention recently.

    M.S.A. Kumar, convenor, exports panel, CII Kerala, said the duty exemption to the food processing sector would help boost the ready-to-eat food segment.

    Regi Jacob, managing director of JRG Securities Limited, said the policies implemented in the capital market earlier had been effective and that was the reason for not announcing fresh ones now. The market behaviour on Wednesday was on account of global factors and not due to the presentation of the budget, according to him.

    The initiative on debt management office was welcomed by S.Sankaran, adviser of Nagarjuna Ayurvedic Resorts Limited. KKM Kutty, former Chairman of CII Southern region, welcomed the support offered to SMEs.