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Our Correspondent

Madurai, March 2

The tiny and small industries sector is disappointed with the Union Budget 2007-08. The Madurai District Tiny and Small Scale Industries Association (Maditssia), while welcoming the sops announced for the agriculture sector, rural development and ground water management, has observed that "the other equally important SME (Small and Medium Enterprises) sector which contributes to the major employment and economic growth of India is given step motherly treatment.''

In a statement, the Maditssia President, Mr P.T. Krishnamoorthy, said that while the increase in the exemption limit for SME from Rs 1 crore to Rs 1.5 crore is welcome, the increase is disappointing, considering the investment limit of SMEs at Rs 5 crore and the inflation rate. The extension of TUFS scheme for the ensuing year and the inclusion of the handloom sector in the scheme and the increase in the service tax limit from Rs 4 lakh to Rs 8 lakh are beneficial steps. Absence of any mention of an exemption in Fringe Benefit Tax for SMEs is disappointing, he said.

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