Fiscal deficit drops to 3.8 percent; SIEMA welcomes TN budget 2022-23

Coimbatore: The SIEMA welcomes the fiscal deficit reduction from 4.6 to 3.8%, and highlighted the key aspects that will benefit the industries in the Budget presented.

The Southern India Engineering Manufacturers’ Association, SIEMA welcomes the Tamil Nadu budget announcements. The reduction of fiscal deficit from 4.6% to 3.8% is a welcome measure. The announcement of an Industrial Park for Coimbatore is the fulfillment of the long-standing demand of the Coimbatore Industry.

KV Karthik, the Southern India Engineering Manufacturers' Association President said that the allocation of Rs.2500 crores for a special scheme on Industry 4.0 is a great forethought. Allocation of about Rs.2,500 crores for upgrading ITIs shall improve the skill set of Tamil Nadu Youngsters and the Rs.300 crores allocation for MSME technology up-gradation and 100 crores for credit guarantee shall all foster industrial growth of Tami Nadu

The announcement of additional one lakh free agricultural connections for farmers increases the scope for the Pump Industry. The industry suffering from low demand for the past year sees the scope of revival through this announcement. The increased allocation for AMRUT 2.0 and Jal Jeevan Mission has the potential for increasing the demand for pump sets.

The announcement of two industrial clusters for electronics will not only foster the development of the electronics industry but also pave way for the overall growth of engineering industries. We echo the announcement of the Finance Minister.

Karthik added that "This budget is the beginning of a big transformation”.