TEA welcomes tax free Tamil Nadu Budget 2017-18

TEA welcomes tax free Tamil Nadu Budget 2017-18

The state’s minister of finance, D Jayakumar has presented tax free Tamil Nadu Budget 2017-18 in Tamil Nadu Assembly which has been welcomed by Tiruppur Exporters’ Association (TEA). The association said that the people will be benefited from the schemes announced in the budget that includes the allocation of Rs 2,000 crore for infrastructure development.

Raja M Shanmugham, president of TEA, said that the Tamil Nadu Infrastructure Development Fund (TNIDF) would be helpful for the development of the infrastructure, which is the need of hour for the industry.

Shanmugham also hailed the proposal to strengthen single window system in the Tamil Nadu Industries Guidance and Export Promotion Bureau further by making it online so that investors can get all approvals expeditiously in a hassle free manner at one place. He also welcomed the allocation of Rs 150 crore for the Tamil Nadu Skill development Mission to train one lakh youth and also intends to seek assistance from the Government of India to help the industry recruit skilled workforce and pave way for increasing the productivity and efficiency.

While noting down the allocation of Rs 532 crore for MSME sector in the budget, he specifically lauded the doubling of allocation of capital subsidy to MSME units from Rs 80 crore to Rs 160 crore, which will be helpful for MSME units in Tiruppur, as more than 80 per cent of total units in Tiruppur are under MSME categories. He also appreciated launching of a Special Export Promotion and Marketing support scheme at an outlay of Rs 10 crore to enhance the competitiveness of MSME units in domestic and international markets.

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