Trade and industry associations here have by and large termed the2016-17 budget as a “comprehensive” one, in line with industry expectation.

Nethra JS Kumar, Chairperson, Confederation of Indian Industry, Coimbatore zone has commended the macro economic priorities and structural reforms laid out in the budget.

“The budget has many tax and spending measures that would go a long way in promoting investment and growth. We particularly welcome the different ways adopted by the Finance Minister to drive employment generation, some of the key initiatives aimed at job creation in the formal sector,” she said.

According to EK Ponnuswamy, President, Codissia, the reduction in the excise duty for spares of centrifugal pumps (used in agriculture) would reduce the cost of pumps and increase the market for Coimbatore-based small-scale sector.

“The overall focus on agriculture and rural development with increased allocation of fund would boost the rural economy and this in turn would bring new market for MSME products,” opined Codissia Chief.

D Nandakumar, President, Indian Chamber of Commerce and Industry, Coimbatore said that rationalisation of TDS and relaxation of presumptive tax rules for SMEs and professionals would make life easier for such people.

Coimbatore industries particularly MSMEs and industries with agriculture base would benefit from the various budget announcements, he said referring to agriculture and farmers’ welfare, rural sector, healthcare, education and infrastructure.

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