TN budget welcomed by trade and industry in Coimbatore

President of the local chapter of the Indian Chamber of Commerce and Industry V Lakshminarayanasamy thanked Chief Minister K Palanisami and Deputy Chief Minister O Paneerselvam for presenting the budget without any new tax.

It welcomed the allocation of Rs.500 crore for the Athikadavu-Avinashi irrigation scheme for which Environmental Clearance has been obtained and said Rs.11,894.48 crore for the farm sector which will boost agricultural activities and support the farmers.

The chamber lauded the proposal for establishment of Agro Processing Clusters in eight Districts under Prime Minister Kisan Programme during 2020-21.

The announcement for reduction in stamp duty for rental agreements under the new Tenancy Act and allocation of Rs.

200 crore for Labour Welfare and allocation of Rs.2,500 crore for industry development were also hailed by the chamber.

However, it noted no funds had been allocated for implementation of Metro Rail project, a long felt need of Coimbatore.

In a statement, Tirpur Exporters Association president, Raja M Shanmugham welcomed the Government decision for providing, Rs.1,224.25 crore for handlooms and textiles.

Expanding the benefits available under Prime Ministers Employment Generation Programme and the Unemployed Youth Employment Generation Programme, enhancement of the existing project size limit of Rs.10 lakh to Rs.15 lakh and the eligible subsidy under the scheme will encourage thousands of budding entrepreneurs, he said.