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Tamil Nadu
‘Little stimulus for textile sector’
R. Yegya Narayanan
Coimbatore, July 7 The Budget has failed to offer any stimulus to the textile industry that is reeling under the impact of recession, according to the Indian Chamber of Commerce and Industry, Coimbatore.
Mr Mahendra Ramdas, President, said the textile industry needed special attention from the Government at a time of distress and hoped the Finance Minister would consider this during the Budget discussions.
He said the plea to hike personal income-tax limit at least to Rs 3 lakh to individuals and to Rs 4 lakh to senior citizens had been ignored. It also had requested for removal of surcharge on corporate tax. He requested the Finance Minister to withdraw the presumptive tax to small businesses up to a turnover of Rs 40 lakh as this sector has been battling against several odds including demand recession, power cut, labour shortage etc. The continuation of the dividend distribution tax, and service tax rate of 8 per cent were disappointing.
Mr J. James, Coimbatore District President, Tamil Nadu Association of Cottage and Micro Enterprises, regretted that the Budget did not contain any sops to the micro enterprises that suffered from global recession. He also wanted the Government to specify the amount that has been allotted to the micro enterprises in the Rs 4,000-crore earmarked for the industrial sector.
Mr Ravi Sam, Chairman, and Mr J. Balamurugan, Vice-Chairman, CII Coimbatore Zone, welcomed the abolition of FBT, CTT and surcharge on personal income-tax. The steps announced to benefit the small and micro units would bring some relief to small businesses.
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