Coimbatore: Amidst mixed reactions to the Union Budget 2019 that was tabled by the Finance Minister, Nirmala Sitharaman, the President of Tamil Nadu Small and Tiny Industries Association (Coimbatore Chapter), James, stated that the much-awaited relief for the Small and Tiny Industries did not materialise with no measures being announced in the Budget.
Coimbatore: Amidst mixed reactions to the Union Budget 2019 that was tabled by the Finance Minister, Nirmala Sitharaman on Friday, the District President of Tamil Nadu association of Cottage and Micro enterprises (TACT), James, stated that the much-awaited relief for Cottage and Micro enterprises did not materialise with no measures being announced in the budget.
"The Union Budget did not come out with GST exemption for job orders as expected by the cottage and micro enterprises. The interest rate for loans for entrepreneurs has not been scaled down to five percent, as expected by many in our sector," opined a disappointed District President.
"As promised the 20 percent of job orders to be outsourced to cottage and micro industries, after the commencement of Defense manufacturing hub, is yet to be fulfilled" he noted.
“In all, the budget has not addressed the grievance of the cottage and micro industries in the nation. The 100 percent foreign direct investment will only pose grave danger to the nation and hence the government should rethink on this matter,” stated James.