The Indian Chamber of Commerce and Industry, Coimbatore, welcomes the Union Budget 2024-2025 announced by Finance Minister Nirmala Sitharaman. The budget focuses on nine priorities including agriculture, employment, and infrastructure development.
Coimbatore: The Indian Chamber of Commerce and Industry (ICCI), Coimbatore, has extended a warm welcome to the Union Budget 2024-2025, presented by Finance Minister Nirmala Sitharaman in Parliament today. The Chamber, on behalf of its members, has expressed its appreciation for what it calls a 'Maiden Budget' with a focus on nine key priorities.
The budget's priorities encompass a wide range of sectors including productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development, and next-generation reforms.
ICCI Coimbatore has put forth several suggestions in response to the budget announcements. To operationalize the Rs 1 lakh crore corpus for research and innovation in sunrise sectors, the Chamber recommends focusing on developing ideas from early-stage research to implementation levels that generate cash flow. They also advocate for continued focus on public capital expenditure for physical, social, and digital infrastructure.
For the MSME sector, the Chamber suggests revising the qualifying turnover criterion for mandatory registration of companies on the Trade Receivables Discounting System (TReDS) platform from Rs 500 crore to Rs 250 crore. This move aims to enable MSMEs to meet their liquidity and financial needs more effectively.
While welcoming the new centrally sponsored scheme for skilling in collaboration with state governments and industry, which is set to benefit 20 lakh youth over a five-year period, the Chamber has requested the release of student loan interest subvention of 3 percent of the loan amount to support the youth.
The ICCI Coimbatore has also recommended revising rates of duty drawback and Remission of Duties and Taxes on Exported Products (RoDTEP) to enhance the competitiveness of Indian exports and boost overall exports.
Describing the budget as unique, the Chamber stated that it clearly focuses on the government's economic vision and major policy initiatives in key areas of the economy for growth and welfare. The ICCI Coimbatore has pledged its support to the Union Government in all its endeavors in the interest of the nation.
The budget's priorities encompass a wide range of sectors including productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development, and next-generation reforms.
ICCI Coimbatore has put forth several suggestions in response to the budget announcements. To operationalize the Rs 1 lakh crore corpus for research and innovation in sunrise sectors, the Chamber recommends focusing on developing ideas from early-stage research to implementation levels that generate cash flow. They also advocate for continued focus on public capital expenditure for physical, social, and digital infrastructure.
For the MSME sector, the Chamber suggests revising the qualifying turnover criterion for mandatory registration of companies on the Trade Receivables Discounting System (TReDS) platform from Rs 500 crore to Rs 250 crore. This move aims to enable MSMEs to meet their liquidity and financial needs more effectively.
While welcoming the new centrally sponsored scheme for skilling in collaboration with state governments and industry, which is set to benefit 20 lakh youth over a five-year period, the Chamber has requested the release of student loan interest subvention of 3 percent of the loan amount to support the youth.
The ICCI Coimbatore has also recommended revising rates of duty drawback and Remission of Duties and Taxes on Exported Products (RoDTEP) to enhance the competitiveness of Indian exports and boost overall exports.
Describing the budget as unique, the Chamber stated that it clearly focuses on the government's economic vision and major policy initiatives in key areas of the economy for growth and welfare. The ICCI Coimbatore has pledged its support to the Union Government in all its endeavors in the interest of the nation.