The Confederation of Indian Industry, Tiruchi zone, has welcomed the Union Budget in general. Industry organisations, representing the micro, small and medium enterprises, feel that the Budget has not made any attempt to revive the MSMEs from the present crisis.
R.A. Krishna Kumar, Chairman, CII, Tiruchi Zone, told The Hindu that the budget was growth-oriented and forward looking. The reduction in corporate tax was a step in the right direction. The move to set up five ultra mega power plants was a notable step to tackle the power crisis to an extent. The proposal to improve road infrastructure was a good move.
The proposals were not lucrative for individuals and small groups as they expected a lot. However, it had ingredients to revive the economy. In terms of broad perspective, it was a good budget.
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Rajappa Rajkumar, Vice President, Tamil Nadu Small and Tiny Industries Association, said the proposal to allocate Rs. 70,000 crore for infrastructure creation would drive the growth to an extent possible. The reduction in corporate tax was unwarranted. The growth rate was projected to go beyond 8 per cent. The Finance Minister had outlined key points to support the projection.
However, the representatives of small and tiny industries of the region were not enthused by the proposals.
While welcoming the proposals in general, Raju Rebero, president, Tiruchi District Tiny and Small Scale Industries Association, said the budget did not any plan to promote and revive the small and tiny units.
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P. Kanagaraj, an MSME promoter in the region, said small and medium enterprises were the backbone of the economy. The problems faced by them should have been addressed.