Coimbatore: The industry here mostly welcomes the Union budget served on Tuesday.
While small and medium micro businesses welcomed several announcements, they were upset because their demands were not fulfilled.
Growth by increasing investment in infrastructure.
“While tax changes are very minimal, the importance has been given to the emerging sectors and digital areas.
Sectors such as sustainable manufacturing units, artificial intelligence, drone technology and digitizing health records have received attention,” he said.
According to him, the neutral budget, MV Ramesh Babu, President Codissia, said it focused on four pillars such as productivity, climate action, financing investment and PM Gati Shakti’s plan.
He welcomed the extension of the credit line guarantee scheme until March 2023, the announcement of maintaining and accelerating the UPM performance scheme with a 6,000 crore expenditure, increasing the capital procurement budget in defense to 68% from 58% last year in line with Make In India and preferences to be given to MSMEs by reducing Import arms and ammunition.
He expressed disappointment because the demands submitted by them were not fulfilled.
He is looking for a ban on exporting raw materials to make Make In India successful initiatives, zero import duties for all raw materials, income tax rates for ownership and partnership companies equivalent to companies and NPA extensions from 90 days to 180 days.
The association of the cottage and micro-enterprises (wisdom) welcomed several announcements, but was declared disappointed because their demands were not addressed.
They demanded 5% GST on work orders, there were no punishment steps from the bank because they did not pay loans of up to 2023 and the Ministry of Separate for MSMEs.