Calling it a growth oriented budget, the SIEMA has welcomed the new budget announced by the Finance Minister Nirmala Sitharaman on Tuesday, 1st of February.
Coimbatore: Calling it a growth oriented budget, the SIEMA has welcomed the new budget announced by the Finance Minister Nirmala Sitharaman on Tuesday, 1st of February.
The Southern India Engineering Manufacturers Association, SIEMA, welcomes many of the announcements made by the Union Finance Minister, Nirmala Sitharaman in her budget speech today the 1st of February 2022.
'SIEMA', President, K. V. Karthik said “The outlay of 39 lakh crores for capital expenditure will spur economic growth. The allotment of 1 lakh crores for the states to help investments will support the states in bringing in new investments. The special fund to finance agriculture and rural start-ups will provide a boost for the rural economy.
The implementation of the Ken Betwa River Linking Project, Enhancement of Direct Farm Procurement to 2.37 Lakh crores, Har Ghar Nal Ke Jal scheme, Allotment of 60,000 Crores to cover 3.8 Crore household with tap water, allotting 48,000 Crore for PM Housing Scheme are expected to have a positive impact on the Market for Pumpsets.
He further said, “The move to set up 100 Cargo Terminals in 3 years and the plan to complete 25000 km national highway in 2022-23 under the PM Gati Sakthi is a positive step. For MSME’s, though we welcome the extension of ECLGS to March 2023 and enhancement of Credit Guarantee Scheme to 5 lakh crores, the much anticipated revision in norms of ECGLS to 40% of sanctioned limit is not made.
Their lack of announcement providing credit support to industry particularly the MSME’s, this is a disappointment. We thank the Finance Minister for the removal of anti-dumping duty and CVD on stainless steel, this should help bring down its prices. The extension of reduction in import duty for steel scrap is also welcomed. However, more steps should have been taken to control spiralling raw material prices.
He said that, overall this budget is growth oriented.
The Southern India Engineering Manufacturers Association, SIEMA, welcomes many of the announcements made by the Union Finance Minister, Nirmala Sitharaman in her budget speech today the 1st of February 2022.
'SIEMA', President, K. V. Karthik said “The outlay of 39 lakh crores for capital expenditure will spur economic growth. The allotment of 1 lakh crores for the states to help investments will support the states in bringing in new investments. The special fund to finance agriculture and rural start-ups will provide a boost for the rural economy.
The implementation of the Ken Betwa River Linking Project, Enhancement of Direct Farm Procurement to 2.37 Lakh crores, Har Ghar Nal Ke Jal scheme, Allotment of 60,000 Crores to cover 3.8 Crore household with tap water, allotting 48,000 Crore for PM Housing Scheme are expected to have a positive impact on the Market for Pumpsets.
He further said, “The move to set up 100 Cargo Terminals in 3 years and the plan to complete 25000 km national highway in 2022-23 under the PM Gati Sakthi is a positive step. For MSME’s, though we welcome the extension of ECLGS to March 2023 and enhancement of Credit Guarantee Scheme to 5 lakh crores, the much anticipated revision in norms of ECGLS to 40% of sanctioned limit is not made.
Their lack of announcement providing credit support to industry particularly the MSME’s, this is a disappointment. We thank the Finance Minister for the removal of anti-dumping duty and CVD on stainless steel, this should help bring down its prices. The extension of reduction in import duty for steel scrap is also welcomed. However, more steps should have been taken to control spiralling raw material prices.
He said that, overall this budget is growth oriented.