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Tamil Nadu
‘Budget is positive for farm pumps sector’
Our Bureau
Coimbatore, July 7 The allocation to rural electrification and the farm sector will give a boost to the demand for pumps and benefit the pump industry in Coimbatore, said Mr Jayakumar Ramdass, President, the Southern India Engineering Manufacturers’ Association (Siema), Coimbatore.
He was also hopeful that the allocation of one of the proposed handloom clusters to Tamil Nadu would bring significant benefits to the textile industry in the State.
Speaking to Business Line, he said “basically we are not 100 per cent happy” with the Budget but it is a balanced one with focus on infrastructure development, agriculture and electrification.
He said the huge allocation of Rs 7,000 crore to rural electrification would give a boost to basic lighting in villages and would give a significant push to the pump industry as the availability of power would see a spurt in demand for farm pump sets.
State. The extension of the DEPB scheme would bring relief to the exporters, and exempting services rendered by agents to exporters from service tax was also to be welcomed, he said.
There was also an expectation that the service tax rate would be cut by 2 per cent to 8 per cent ahead of the introduction of GST next year, which also had not happened.
Fund flow
Mr K. Ilango, President, Coimbatore District Small Industries Association, welcomed some of the measures announced in the budget relating to the MSME sector – such as retention of excise duty in most cases and release of Rs 4,000 crore from Rural Infrastructure Development Fund to refinance MSMEs.
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