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The Budget has virtually ignored the expectations of small entrepreneurs, said Karnataka Small Scale Industries Association (Kassia ).
Kassia criticised the Finance Minister for resting his hopes on a trickled-down effect rather than taking strong pro-active measures to rescue the small industry from further stagnating growth.
A. Vijayendranath, President, Kassia, in a statement said, “In the current scenario where the industrial sentiment is at an all-time low, especially in the manufacturing sector, the Budget should have responded to the pressing concerns of the SMEs.”
“Despite admitting that the current industrial scenario is far from desirable, the Minister has not announced any concession to spur industry growth,” he added.
FKCCI
K. Shiva Shanmugam, President, Federation of Karnataka Chamber of Commerce and Industry (FKCCI), welcomed the move to reintroduce generation-based incentive for wind energy projects and giving a thrust for implementing waste to energy projects.
Proposals for MSMEs such as continuing the benefits enjoyed by MSMEs up to 3 years after they grow out of this category, enhancing refinancing capability of SIDBI, setting up of apparel parks within Integrated Textile Parks, TUFS for textile to continue, would encourage MSMEs.
“We are happy to know that a comprehensive plan for Chennai-Bengaluru Industrial Corridor has been prepared and the Bengaluru-Mumbai Industrial Corridor work has been initiated. These corridors would immensely help in the development process of trade, industry and commerce in Karnataka,” he added.
BCIC
H V Harish, Senior Vice-President, Bangalore Chamber of Industry and Commerce (BCIC), said, “It is a welcome relief for tax payers that there are no major changes. On the contrary, there were some incentives for industrial investment.”
Industrial Corridors
“From Karnataka’s perspective we welcome the initiative to implement the Chennai-Bengaluru and the Bangaluru-Mumbai Industrial Corridors which will give a boost to the industry. We also welcome the initiatives for boosting the textile industry,” he added.
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