The Tamil Nadu Chamber of Commerce and Industry (TNCCI) has hailed the “proactive” schemes announced in the budget, presented in the Legislative Assembly on Thursday, to leverage industrial investment and growth in the State.
It said that the proposal to create a land bank of 25,000 acres through SIPCOT (Small Industries Promotion Corporation of Tamil Nadu) would attract industrial investment in the State besides helping entrepreneurs who were facing constraints in acquiring lands for starting new industrial ventures.
It also welcomed the announcement to give an impetus to Madurai-Tuticorin Industrial corridor which was expected to attract Rs.1,90,000 crore of industrial investment over a period of 10 years and the proposal to construct two flyovers at Goripalayam and Kalavasal.
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Nevertheless, TNCCI expressed its disappointment over the failure of the government to mention the exact date when load shedding of electricity supply would be lifted totally.
It demanded reduction of tax imposed on edible oil from current rate of five to one per cent and exemption of solar panels from Value Added Tax.
In a separate press communiqué, Tamil Nadu Foodgrains Merchants Association said that it was depressed to note that the government had not announced tax exemption for edible oil, flour and such other products.
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It also sought reduction of tax on cardamom.
The Association welcomed the announcement of allocating 15 per cent more funds than the previous financial year for agriculture, allotment of Rs. 161.62 crore to boost production of pulses and establishment of 15,000 farm ponds to raise ground water level among others.
Meanwhile, the Madurai District Tiny and Small Scale Industries Association (MADITSSIA) has welcomed the budget.
Move appreciated
In a press statement here, the association president V.S.Manimaran has appreciated the move to set up a land bank of 25,000 acres for industrialisation purpose by the State Industries Promotion Corporation of Tamil Nadu (SIPCOT).
Hailing the Government’s move to take up power projects worth Rs.21,000 crore for meeting the future electricity demand, the MADITSSIA president said that an important aspect in the budget was that it did not impose new taxes nor it has hiked the existing tax rates.
The proposal for ship building project in the southern districts is a welcome move, he said and added that the agreements to purchase solar power is also a move in the right direction.