Tirupur Exporters Association (TEA) of India has expressed happiness over Tamil Nadu Government’s move to present a tax-free budget. D Jayakumar, Finance Minister of Tamil Nadu presented the 2017-18 budget in the Assembly today.
Welcoming the move, TEA President Raja M Shanmugham said that the people will get benefit after implementation of the schemes announced in the budget. “The allocation of Rs. 2,000 Crore for the Tamil Nadu Infrastructure Development Fund (TNIDF) would be helpful for the development of the infrastructure which is need of hour for the industry,” he added.
The President also welcomed the allocation of Rs. 150 crore for the Tamil Nadu Skill development Mission to train one lakh youth and also intends to seek assistance from the Government of India which help for the industry to recruit the skilled workforce while recruiting them itself and pave way for increasing the productivity and efficiency.
Besides, Shanmugham hailed the proposal to strengthen single window system in the Tamil Nadu Industries Guidance and Export Promotion Bureau further by making it online so that investors can get all approvals expeditiously in a hassle free manner at one place.
While noting down the allocation of Rs. 532 crore for MSME sector in the budget, Shanmugham specifically lauded the doubling of allocation of capital subsidy to MSME units from Rs. 80 crore to Rs.160 crore which will be helpful for MSME units in Tirupur, as more than 80 per cent of total units in the region are under MSME categories.
He also appreciated for launching of a Special Export Promotion and Marketing support scheme at an outlay of Rs.10 Crore to enhance the competitiveness of MSME units in domestic and international markets.