The Hindu Business Line : Industry bodies welcome TN budget

Welcoming the Budget for 2004-05, the Industrial and Financial Reconstruction Association for Small and Tiny Enterprises has called for concessions such as interest waivers, along the lines announced for farmers, to the sick small and tiny enterprises.

A viable one-time-settlement needed to be formulated for implementation by the Tamil Nadu Industrial Investment Corporation, whose existing scheme is yet to take off. The losses suffered by the corporation should also be compensated.

The association has welcomed the proposals to upgrade infrastructure in rural areas, simplify procedures and reduce stamp duty. The association wanted stamp duty to be waived for small and tiny industries.

The National Confederation of Small Industry has welcomed the measures in the medium term fiscal plan aimed at improving the State's finances. It has expressed concern that there has not been a specific announcement on shifting to a value-added tax regime.

The Madras Chamber of Commerce and Industry has described as a bold initiative the Government's proposal for a Rs 8,000-crore plan outlay. It has welcomed the measures aimed at crop diversification, increasing infrastructure, support manufacturing sector and labour reforms.

The Confederation of Indian Industry (CII) has welcomed the initiatives regarding business deregulation, establishment of the technology development centre to assist the small and medium enterprises and the knowledge industry township.

The CII feels that the introduction of the new simplified system of obtaining clearance for new investment above Rs 25 crore will help attract new investments to the State.

The increase in the Budget outlay for tourism development to Rs 30.35 crore would give a fillip to the promotion of Tamil Nadu as a tourist destination, the CII said.

More Stories on : Budget | Industry Associations | Tamil Nadu

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