The Union Budget for the year 2022 was presented on Tuesday by the Union Finance Minister is considered a ‘no boom’ for small-scale industries by Coimbatore Sidco Industrial Estate Manufacturers Association.
Coimbatore: The Coimbatore Sidco Industrial Estate Manufacturers Association (COSIEMA) lamented that the Union Budget of 2022 was 'no boom' for the small scale sector, after the request for the 5 percent interest demand for loans was rejected.
The Coimbatore SIDCO Industrial Estate Manufacturers Welfare Association (COSIEMA) stated, “We welcome the extension of the emergency loan scheme for small scale industries till 2023 and the operation of 400 new trains under the Vande Bharat scheme, financial assistance of Rs. 19,500 crores for solar power generation and encouragement to produce 68 percent of military equipment production locally. However, the industry is disappointed that the expected personal income tax threshold raise, demand for a reduction in GST for Job Work to 5 percent were not included in the Budget. With the increase in capital loan subsidy for small-scale industries, the demand for a 5 percent interest on loans issued to micro and small enterprises was not considered."
The Coimbatore SIDCO Industrial Estate Manufacturers Welfare Association (COSIEMA) stated, “We welcome the extension of the emergency loan scheme for small scale industries till 2023 and the operation of 400 new trains under the Vande Bharat scheme, financial assistance of Rs. 19,500 crores for solar power generation and encouragement to produce 68 percent of military equipment production locally. However, the industry is disappointed that the expected personal income tax threshold raise, demand for a reduction in GST for Job Work to 5 percent were not included in the Budget. With the increase in capital loan subsidy for small-scale industries, the demand for a 5 percent interest on loans issued to micro and small enterprises was not considered."