Responsible, but no relief on tax price disappointing: Stakeholders

COIMBATORE: Industrial bodies in Coimbatore have come out with mixed reactions to the Union Budget tabled on Thursday.

K Maniraj, president of Kovai Power Driven Pumps and Spares Manufacturers Association (KOPMA) expressed disappointment, as one of their major demands to contain the price of raw materials has found no mention. “It has become a dream to start a small scale industrial unit with Rs 5 to Rs 10 lakh of investment as the taxation policies of the central government has forced entrepreneurs into investing at least Rs 50 crore. It has been our persistent demand by the MSME sector to provide tax exemptions that existed before imposing GST,” he said.

Welcoming the overall increased allocation of around 27.60 per cent for the Ministry of Textiles for 2024-25, the Southern India Mills Association (SIMA) pointed to unresolved issues on raw materials. “Our other demands, removal of 11 per cent import duty on ELS cotton, exempting the same for other cotton varieties during off season from April to October to protect farmers’ interests, announcement of Technology Mission to increase cotton production should be considered by the government at least in the full-fledged budget,” said SK Sundararaman, chairman of SIMA.

G Karthikeyan, past president of TiE Coimbatore said the budget seems to be a well thought out and favourable framework for stakeholders in various sectors. “The prudent management of the fiscal deficit at 5.1 per cent demonstrates a responsible approach while instilling confidence in the overall economic landscape,” he said.