Corporates welcome Budget, call it balanced and ‘growth-oriented’
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Industrialists and heads of chambers of commerce termed the Budget presented by Finance Minister Palanivel Thiaga Rajan balanced and growth-oriented. However, they said there could have been more announcements.
“Investments announced in the Budget will comfortably propel the State’s GDP to double-digit growth, with greater focus on industrial infrastructure like fintech city, IT parks and SIPCOT complexes in tier II and III towns,” said C.K. Ranganathan, chairman of the Confederation of Indian Industry (CII), Southern Region.
S. Chandrakumar, chairman, CII Tamil Nadu, said announcements like integration of 110 government services in the single-window system, increasing the State’s land bank size, creation of an industrial data base and three years’ exemption from inspections and clearances for new industrial units are in the right direction towards ensuring ease of doing business.
“The government has clearly focused on growth, and it aims to leave no stone unturned to achieve the same. The strong emphasis on infrastructure and healthcare will give the requisite boost to the economy and drive it on the trajectory of economic growth,” said Venu Srinivasan, chairman, TVS Motor Company.
On behalf of the Madras Chamber of Commerce and Industry (MCCI), its president Srivats Ram said the MSME guarantee fund that provides credit guarantee to banks and financial institutions for MSME loans is a welcome step. He added that the State’s recognition of using the Samaadhan Scheme to clear VAT disputes and its willingness to have a committee to look at guideline values is welcome.
President of the Southern India Chamber of Commerce and Industry (SICCI) Ar.Rm. Arun recommended the restructuring of government debt as the possible starting point for the strategy to drive growth. “The government can also explore assets that can perhaps be monetised to reduce debt. In this context, getting the industry moving at all costs is imperative to increase revenue and generate growth.”
G.S.K. Velu, chairman of FICCI, Tamil Nadu State Council and chairman and managing director of the Trivitron Group of Companies, said there could have been more announcements to support the ailing MSME sector, which has been severely hit by the pandemic. The Budget could have provided a thrust to entrepreneurship promotion and allocations to the start-up mission, which is critical in attaining the goal of $1 trillion GDP for Tamil Nadu, could have been higher, he said.
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