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Tamil Nadu
Budget growth-oriented, says trade
Our Correspondent
Madurai
March 25
The Tamil Nadu Chamber of Commerce and Industry, welcoming Budget for 2007-08, has said the highly pragmatic and growth-oriented budget would benefit every section of society.
In a statement here, the chamber President, Mr S. Rethinavelu, said clarification in the budget on VAT was a major inducement for acceleration of trade and industrial growth in the State. Tax exemptions announced in the Budget with reference to a number of items would stimulate manufacture and trade in those commodities and cause price reduction. The schemes disclosed in the Budget regarding setting up of Special Economic Zone, provision of land for expansion of airports, handing over of land for ELCOT for the establishment of IT parks, revival of the scheme of providing subsidy for entrepreneurs in industrially backward areas for the SSI sector would elevate the State to number one spot in industrial growth in the country, he has added.
The Madurai District Tiny and Small-Scale Industries Association, while welcoming the Budget for 2007-08, has particularly appreciated the allocation of Rs 284 crore for implementation of seven major projects in Madurai.
The association President, Mr P.T. Krishnamoorthy, in a statement, said full exemption from VAT for various goods as demanded by entrepreneurs was a welcome feature. While welcoming the announcement of capital subsidy for the SSI sector for establishing industries in backward districts, the allocation is very much inadequate and should be increased, he said.
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