They express disappointment with Budget proposals
Several industries in this region have expressed disappointment over the Union Budget proposals announced on Friday.
Southern India Engineering Manufacturers' Association president R.R. Ranghanathen has said in a release that increase in Excise Duty for pumpets and motors was a disappointing move.
“The raise in Excise Duty is unexpected and untimely as the industry is going through a tough period of increase in input costs and power shortage.”
One of the long-pending demands of the engineering sector was a Technology Upgradation Fund and that was not provided in the Budget.
Coimbatore District Small Industries Association president M. Kandhaswami has said in a release that with the Excise Duty and Service Tax going up, the prices of raw materials would shoot up for the smaller industries.
Interest rates on banks loans for micro, small and medium-scale enterprises should be reduced.
According to the Indian Chamber of Commerce and Industry, Coimbatore, the budget would lead to increase in inflation.
There was no specific feature that would affect or benefit the Coimbatore industries.
The focus on infrastructure, agriculture and power sectors was a welcome measure. The Tamil Nadu Association of Cottage and Micro Enterprises has said in a release that the Rs. 5,000 crore fund would not benefit the micro and cottage enterprises.
The Coimbatore Tirupur District Micro and Cottage Entrepreneurs Association has said that measures were needed to ensure that the Mahatma Gandhi National Rural Employment Guarantee Scheme did not affect the industries.
The Kovai Power Driven Pumps and Spares Manufacturers' Association has said that more funds were needed for the development of micro and small-scale industries.
The levy of Excise Duty on unbranded jewellery too would bring down imports and increase jewellery prices, according to industry sources here.
M.S. Mathivanan, president of the Tamil Nadu Powerloom Federation, has said in a release that the Customs Duty exemption for automatic shuttleless looms was a welcome measure.
This would benefit weavers who were going in for automation of their units.