Confederation of Indian Industries (CII) has opined that the union budget is a historic transformational and growth oriented budget.
Coimbatore: Confederation of Indian Industries (CII) has welcomed this budget like all other previous budgets and has opined that the union budget is a historic transformational and growth oriented budget.
In a press release it is said, "Ganesh Kumar J, Chairman, CII Coimbatore Zone & Managing Director, Indoshell Cast Pvt Ltd welcomed the budget stating it as growth oriented and said that in order to reduce Vehicular Pollution, a voluntary vehicle scrappage policy is to be introduced in the country. Vehicle Scrappage Policy will also help in aiding the raw materials required by the foundries in the states like Tamilnadu, as Coimbatore is one of the important foundry clusters in the country."
He also mentioned that "in the area of indirect tax, particularly in the area of Iron & Steel, MSMEs have been largely affected due to the increase in raw material rates. Hence, the budget has provided a reduction in customs duty to 7.5% on certain products of iron and steel. For metal recyclers, exemption duty on steel scrap will certainly help the industry."
Ganesh Kumar, Chairman CII, Coimbatore then stated that "With respect to MSMEs in the Direct Tax area, the limit for audits has been raised to 10 crore from the present 5 crore in their turnover. The government has proposed to impose Agricultural Infrastructure Development Cess for selected items. With one of the major areas of Cotton cultivation, an allocation of 25,974 crore is made for supporting Cotton Cultivation from an amount of Rs 90 crores during 2013 – 14. Also to restrict imports of cotton, the customs duty has been increased to 10% which will benefit farmers. It is a historic transformational and growth-oriented budget which is aimed at propelling economic growth with thrust on infrastructure development besides greater focus on social sectors including health and education." He said.
Satish Reddy, Chairman, CII Southern Region & Chairman, Dr Reddy’s Laboratories Ltd also welcomed the increase for the outlay in the healthcare sector. He further stated that the reforms with respect to asset monetization and taxation is a welcome move. Mr Reddy also hoped to see increased momentum specifically in the R&D ecosystem space.
C K Ranganathan Deputy Chairman, CII Southern Region & Chairman and Managing Director, CavinKare Pvt Ltd said,"The investments announced will propel the GDP comfortably to a double digit with the focus being on infrastructure investment, financial inclusion, health and education. Artificial Intelligence enabled measures in GST that will help plug existing gaps to a large extent."
Further Hari Thiagarajan, Chairman, CII Tamil Nadu State Council & Executive Director, Thiagarajar Mills Pvt Ltd said,"Tamil Nadu is receiving a bonanza specific to Infrastructure, Road and Rail Developments. We also expect that some of the Mega Textile Parks planned to be set up in Tamil Nadu. We welcome the move towards supporting GIG workers with social security." He said.
R. Dinesh, Past Chairman, CII Southern Region & Joint Managing Director, T V Sundram Iyengar & Sons Pvt Ltd mentioned," The overall budget was holistic and emphasized the supply chain areas including the eastern and western freight corridor and the multimodal approach for reducing logistics cost. The budget has also demonstrated the minimum government and maximum governance both in letter and spirit that will promote competitiveness as part of its focus on a green budget."
Ravi Sam, Managing Director, Adwaith Lakshmi Industries Ltd commended," The setting up of textile parks is important as they would generate labour and thereby uplift the economy. I also welcome the allocation provided for SC/ST members access to education through setting up of schools. I hope that the custom duty can be extended to man made fibre as well."
N K Ranganath, Water Ambassador, Grundfos Pumps India Pvt Ltd welcomed the focus on investment towards clean water supply and showed how the bioremediation of dumpsites would prove to have long term benefits.
He also pointed out the need to look beyond the capex and focus on the opex to ensure projects run effectively. He also commended the expected change in the apprenticeship scheme and the focus on hydrogen energy.
M Ponnuswami, Chairman and Managing Director, Pon Pure Chemical India Pvt Ltd said,"The Exemption of duty on steel scrap and reduction in customs duty is a very encouraging news for the industry as it reduces the cost of raw materials."
S Chandramohan, Director, TAFE Ltd spoke on the increase in allocation towards rural infrastructure from 30000 cr to 40000 cr, the increase in investment with NABARD, the increase in custom duty on cotton and hoped that linkage of the 100 mandis would boost rural livelihoods and economy.