Central Finance Minister Nirmala Sitharaman todayannounced the National Budget of 2021 - 2022. Industrialists from various sectors expressed their views on the budget.
Coimbatore: Central Finance Minister Nirmala Sitharaman today announced the National Budget of 2021 - 2022. Industrialists from various sectors expressed their views on the budget.
Coimbatore Unit Head of Tamilnadu Assosiation of Cottage and Micro Enterprises (TACT) James stated that "There is no plan in the 2021 budget that will help the MSME industries. We welcome the tax exemption on imported raw materials but at the same time it is upsetting that there is no plan to help the MSME industries."
"According to the Central Government there are around 6 crore industrialists in India. But a budget of only 15,700 crores has been allocated to the industry. This is not enough. Industrialists had petitioned so many needs like setting up an industrial estate, board for monitoring the price of raw materials and many other of such requests which hasn't been addressed.
No reduction in GST is really upsetting and the privatization of public banks, LIC and Electricity board will heavily affect the manufacturing sector in the upcoming years." He said.
Kovai Pump Manufacturers Association (KOPMA) President Maniraj stated that : " The budget is like feeding a hungry elephant with small bits of corn. We welcome the 20,000 crore budget for goverment banks and 10 lakhs budget for the Development Department. But it is upsetting that only 15,000 crores is being allocated for the MSME industries across industries.
During Covid-19 pandemic the goverment only delayed the EMI payments for 6 months, the banks immediately collected EMI and the intrest on the next day after 6 months. MSME industries haven't recovered from this yet."
"It is very upsetting that the government hasn't taken any actions regarding the reduction of GST on pumpsets and haven't addressed various requests from the Manufacturer's.
There is no announcement regarding new railway services to Coimbatore and it's shocking to see to help or plan offered to the Industrialists from MSME industries."
COTMA President Sivakumar said that "It is really upsetting that no change is made to the personal income tax. We appreciate the introduction of various new ways to pay GST and the reduction taxes for raw materials.
But at the same time, it is upsetting that there is no plans to help the industries which were affected due to the Covid-19 pandemic.
Also while implementing the 20 crore budget, the government must help the MSME industries to get loans who suffered from the Covid-19 pandemic. He said