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Manufacturing sector gets a leg-up: CII
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De-reservation of 180 items reserved for the SSI sector would lead to optimal capacities.
Fillip to cluster development approach in handlooms, handicrafts and agri products will generate more jobs.
Coimbatore
,
March 1
The policy changes in respect of foreign direct investment in the manufacturing sector announced in the Budget will give a push to India becoming an investment destination, particularly in the textiles, automobiles and components sectors, said Ms Nandini Rangaswamy, Chairperson, Confederation of Indian Industry (CII), Coimbatore Zone.
Reacting to the Budget proposals, she said the CII was happy with the thrust given to infrastructure development, which that was an important element of the manufacturing sector. She felt that this would give a boost to the manufacturing sector, particularly the textiles, automobiles and components, metals and petroleum-based industries.
She said the de-reservation of 180 items reserved for the SSI sector would lead to optimal capacities, enhancing competitiveness of the Indian industry.
The fillip given to cluster development approach mainly in handlooms, handicrafts and agri products would contribute to employment generation.
Mrs. Rangaswamy said that though the CII welcomed the announcements relating to fringe benefit tax (FBT), she felt that either its abolition or levy of 1 per cent additional corporate tax in lieu of FBT would have been appreciated.
The higher allocation to the farm sector and the enhancement of SSI exemption to pump manufacturers conforming to BIS norms would benefit the pump industry in the Coimbatore region, she said.
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