Chennai: Following the announcement of the Tamilnadu State Budget, The Madras Chamber of Commerce & Industry lauded the government’s focus given on many important sectors like infrastructure, rural development and highways and more importantly towards agriculture, food processing and education. The Madras Chamber welcomed the announcement of creating an Industrial Park at Thiruvallur, food parks in seven districts and agro processing clusters in eight districts.
‘Though a few subsidies have been provided to MSMEs, more needs to be done to this sector, given its potential to create employment and promote development of the State,’ it said in a statement. However, the organisation also pointed out that the budget allocated both for IT and Skill development may be inadequate. Further, it said, ‘The higher quantum of debt coupled with the projection of the revenue deficit likely to double, may create an additional pressure on the Government for executing some of the policies announced in the budget. Hence a clear cut action plan and well defined timelines for implementing the proposals and policies is critical.’
CII Tamil Nadu State Council chairman, S Chandramohan welcomed Tamilnadu State Budget stating it as growth oriented and inclusive budget. He said that the various policy measures taken by the Government besides speedy implementation of projects had enabled the State to achieve over 8 per cent growth in 2018-19 which is more than the national growth. The budget has given an impetus for Infrastructure growth by significant allocation of Rs 15,850 crore towards various road projects which will spur growth of several sectors apart from cement, steel, construction and create employment opportunity, CII said.
‘The development of Ponneri industrial belt of the Chennai-Bangalore corridor and the Chennai-Tuticorin industrial corridor is expected to give momentum in the coming years which would help the industry and the state to grow further strongly in the years to come,’ Chandramohan said. The enhancement of the eligibility of the project size under the Employment generation scheme from Rs 10 lakh to Rs 15 lakh and doubling the subsidy amount to Rs 2.5 lakh will encourage the young budding entrepreneurs to start on their own business.