The Tamil Nadu Budget for 2022-23 was presented by the Finance Minister for the State, Palanivel Thiyagarajan, on 18th March 2022, and the CODISSIA has highlighted the aspects of satisfaction and disappointments.
Coimbatore: The CODISSIA expressed disappointment after no solution for increasing raw material prices were addresed in the Budget 2022-23.
The Tamil Nadu Budget for 2022-23 was presented by the Finance Minister for the State, Palanivel Thiyagarajan, on 18th March 2022, and the CODISSIA has highlighted the aspects of satisfaction and disappointments.
The CODISSIA President, Ramesh Babu highlighted the key aspects that were satisfactory in the budget 2022-23, in which benefits for MSMEs were welcoming.
However, the President Ramesh Babu added the points that disappointed the sector, including Solution for the increasing trend in all raw material prices, Extension in granting of Interest Subvention charges to 6% for all MSME units, MOD Registration Charges, Introduction of Single Window Clearance, Special Economic Zone required for electronic manufacturing, Funds for new Infrastructure facilities to be created for Coimbatore.
Some of the points welcoming include
∙ The revenue deficit of the State had been brought down by Rs.7,000 crore, from 4.15% to 3.08%.
∙ Rs 911.50 crore allocated for Micro, Small and Medium Enterprises Department.
∙ Allocation of Rs.3,267.91 crore to the Industries Department.
∙ Setting up new Industrial Parks in Coimbatore, Perambalur, Vellore, and Tiruvallur Districts to promote widespread industrial development across the State, which will attract investments worth Rs.50,000 crore.
∙ Allocation of Rs.50 crore as seed fund for the emerging sector and additionally Rs.30 crore allocation towards TANSIM (Tamil Nadu Startup and Innovation Mission) for promoting startups in Tamil Nadu which will benefit the startups to become future entrepreneurs.
∙ Provision of Rs.2,400 crore investment in setting up Industrial Training Institutes to tackle Industry 4.0 initiatives.
∙ Implementation of Special Programme along with private firms and industries to create skilled laborers to meet the demand of the industries.
∙ Rs.300 crores to be provided as Capital Subsidy for MSMEs and Rs.100 crore will be provided for Tamil Nadu Credit Guarantee Scheme for MSMEs.
∙ Rs.100 crore worth of two exclusive clusters will be established for the manufacture of electronic products, at Pillaipakkam and Manallur with the financial assistance of the Union Government and provision for the construction of Truck Terminal Facilities at Cheyyar and Gummidipoondi in order to ease traffic movement and to regulate parking of heavy vehicles.
∙ Releasing of New Footwear and Leather Industry Development Policy in order to promote employment opportunities.
∙ Launching of 20 Micro Clusters under the Micro Clusters Development Programme in order to help the microclusters across the State with an allocation of Rs.50 crore.
∙ Setting up of Tamil Nadu Coir Business Development Corporation in Coimbatore with the allocation of Rs.5 crores as the seed capital in the first phase to yield more foreign exchange through exports.
∙ Rs.2,169 crores have been allotted for solid waste management projects.
∙ Rs.7,338 crores allocation for the water resource department.
∙ Rs.496.52 crore allocation for fire and rescue department.
The Tamil Nadu Budget for 2022-23 was presented by the Finance Minister for the State, Palanivel Thiyagarajan, on 18th March 2022, and the CODISSIA has highlighted the aspects of satisfaction and disappointments.
The CODISSIA President, Ramesh Babu highlighted the key aspects that were satisfactory in the budget 2022-23, in which benefits for MSMEs were welcoming.
However, the President Ramesh Babu added the points that disappointed the sector, including Solution for the increasing trend in all raw material prices, Extension in granting of Interest Subvention charges to 6% for all MSME units, MOD Registration Charges, Introduction of Single Window Clearance, Special Economic Zone required for electronic manufacturing, Funds for new Infrastructure facilities to be created for Coimbatore.
Some of the points welcoming include
∙ The revenue deficit of the State had been brought down by Rs.7,000 crore, from 4.15% to 3.08%.
∙ Rs 911.50 crore allocated for Micro, Small and Medium Enterprises Department.
∙ Allocation of Rs.3,267.91 crore to the Industries Department.
∙ Setting up new Industrial Parks in Coimbatore, Perambalur, Vellore, and Tiruvallur Districts to promote widespread industrial development across the State, which will attract investments worth Rs.50,000 crore.
∙ Allocation of Rs.50 crore as seed fund for the emerging sector and additionally Rs.30 crore allocation towards TANSIM (Tamil Nadu Startup and Innovation Mission) for promoting startups in Tamil Nadu which will benefit the startups to become future entrepreneurs.
∙ Provision of Rs.2,400 crore investment in setting up Industrial Training Institutes to tackle Industry 4.0 initiatives.
∙ Implementation of Special Programme along with private firms and industries to create skilled laborers to meet the demand of the industries.
∙ Rs.300 crores to be provided as Capital Subsidy for MSMEs and Rs.100 crore will be provided for Tamil Nadu Credit Guarantee Scheme for MSMEs.
∙ Rs.100 crore worth of two exclusive clusters will be established for the manufacture of electronic products, at Pillaipakkam and Manallur with the financial assistance of the Union Government and provision for the construction of Truck Terminal Facilities at Cheyyar and Gummidipoondi in order to ease traffic movement and to regulate parking of heavy vehicles.
∙ Releasing of New Footwear and Leather Industry Development Policy in order to promote employment opportunities.
∙ Launching of 20 Micro Clusters under the Micro Clusters Development Programme in order to help the microclusters across the State with an allocation of Rs.50 crore.
∙ Setting up of Tamil Nadu Coir Business Development Corporation in Coimbatore with the allocation of Rs.5 crores as the seed capital in the first phase to yield more foreign exchange through exports.
∙ Rs.2,169 crores have been allotted for solid waste management projects.
∙ Rs.7,338 crores allocation for the water resource department.
∙ Rs.496.52 crore allocation for fire and rescue department.