Coimbatore: The Southern India Mills Association (SIMA) Chairman, P Nataraj lauded the NDA Government for bringing several historical reforms during its 2014-2019 tenure, especially on the tax structure making the country 'One Nation One Tax One Market' by implementing the GST successfully.
Coimbatore: The Southern India Mills Association (SIMA) Chairman, P Nataraj lauded the NDA Government for bringing several historical reforms during its 2014-2019 tenure, especially on the tax structure making the country 'One Nation One Tax One Market' by implementing the GST successfully.
"Now, the Government has announced a 10-point vision for the next decade, intending to make the country into a $3 trillion economy in a few years," he added.
In a press release, P Nataraj welcomed the Union Budget 2019 stating that it has laid ambitious targets to address various important issues relating to connectivity, power, skill development and so on. He appreciated the announcement of the 'One Nation One Grid' power sector tariff and structural reforms. He stated that the textile industry, being the power-intensive industry and facing stiff competition in the global market will be greatly benefited with the proposed reforms which addressed barriers like cross subsidy surcharges, undesirable duties on open access and captive power generation.
P Nataraj also hailed the substantial progress made on the infrastructure front and initiatives taken on Ease of Doing Business. He welcomed the increase in the annual turnover threshold limit from Rs.250 crores to Rs.400 crores with regard to 25% corporate tax. "The announcement of four labour codes, in place of multilple labour legislations is yet another welcoming feature in the budget," he added.
The SIMA Chairman has stated that the allocation of Rs.700 crores for Amended Technology Upgradation Fund Scheme was very much on the lower side as the total pending TUF subsidy under various TUF Schemes is amounting to around Rs.10,000 crores. He hoped that once the Ministry of Textiles conducts Joint Inspection and makes the claims, adequate funds would be provided to enable the industry to mitigate the financial stress that is currently being faced. P Nataraj added that out of Rs.17,822 crores fund allocated for TUF subsidy for the period 2017-2022, only about Rs.2400 crores has been utilized. He appealed to the Government to expedite the release of subsidy.