Tamil Nadu

Industry welcomes Budget

Thumbs up to solar grid-connected power scheme

Industry captains spearheading various sectors of businesses and chambers of commerce from across the State lauded the Union Budget.

After the Budget-viewing session organised by the Confederation of Indian Industry (CII), its chairman for southern region Sanjay Jayavarthanavelu said the Budget had addressed different sectors of economy with focus on technology, skill development, rural development, agriculture, blue industry and MSMEs.

S. Chandramohan, Chairman, CII Tamil Nadu State Council, said the scheme of solar grid connected power set in barren land for farmers and the support given for horticulture in the Budget through “one district one product” announcement was welcome.

M. Ponnuswami, CMD, Pon Pure Chemicals Ltd, termed the announcements for MSME sector as timely.

Ramkumar Ramamoorthy, president, Madras Chamber of Commerce and Industry, said in the context of structural changes in business driven by technology and global employment opportunities, the opening up of education to foreign direct investment and external commercial borrowing should provide significant impetus to developing human capital. “With 270 million people in the age group of 20 to 29, India has an obligation to educate and skill its youth for global opportunities unleashed by emerging technologies, including artificial intelligence, data science and IoT,” he said.

Ravichandran Purushothaman, president, Danfoss India, said, “The Budget restores our confidence in agriculture and allied industries to increase their contribution to GDP in coming days.” “With the expansion of NABARD refinance scheme and extension of agri-credit to ₹15 lakh crore, there definitely is a greater scope to address the industry’s challenges at the grassroots level. The ability of States to fuel infrastructure support in tandem with the push for increased cold chain infrastructure for agriculture, horticulture, dairy and fisheries will be key to tackling the food loss in our country,” he said.

Long-term goals

Kesavan, co-chair, FICCI, Tamil Nadu, said the Budget needs to be looked into as a long-term aspect. Usually, people expect a short-term Budget expecting an immediate result. “However this isn’t the case with this Budget since it will go on for 3 or 4 years.”

R. Ganapathi, president of SICCI, summed up the budget by saying that it has all the necessary ingredients to trigger economic growth, rural development and initiate schemes to increase disposable income to stimulate the demand.

P.G. Sadguru Das, president, Hindustan Chamber of Commerce, said the Budget aims at an aspirational India. “Removal of dividend distribution tax is welcome. Shifting the same to stakeholders keeping in mind only the foreign investors is not so welcome. Hope they do not bring a TDS on this, which only earlier made it a cumbersome process to claim refunds,” he said.

Why you should pay for quality journalism - Click to know more

Related Topics
Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Feb 19, 2020 3:14:28 AM | https://www.thehindu.com/news/national/tamil-nadu/industry-welcomes-budget/article30716938.ece

Next Story