CII welcomed Union Budget

D. Balasundaram (second from left), president, ICCIC, speaking to the media in Coimbatore on Friday.The Confederation of Indian Industry (CII) has welcomed the Union Budget proposals saying the Finance Minister has addressed the triple challenge of growth, inclusiveness and sustainability.

Micro, small and medium industries, which expected some sops, are disappointed

Chairman of the Coimbatore chapter of the CII K. Thangaraj has said that it is “particularly happy that necessary attention has been given to the social sector, including health and education.” The announcement of setting up of a non-profit organisation for skills and an initial contribution of Rs. 1,000 crore from the Government would go a long way in developing the skill sets.Reduction of Cenvat from 16 per cent to 14 per cent, inclusion of four new services in the service tax net and no further reduction in peak customs duty were all “industry stimulus package.”

The Coimbatore District Small Industries Association has said that the budget “will pave the way for industrial development and economic growth in the years to come.” While welcoming announcements such as loan waiver to farmers and increase in Income Tax exemption limit, the association president C. Muthusami said “micro, small and medium industries, which expected some sops, are disappointed.” Depreciation had not been increased in the case of machinery. The association appealed to the Finance Minister to consider service tax exemption for micro industries that took up job orders for the bigger industries.

The Southern India Engineering Manufacturers’ Association and the Coimbatore Industrial Infrastructure Association have expressed concern at non waiver of import duty on copper, non-enhancement of depreciation rate for plant and machinery and lack of additional Income Tax incentives for micro, small and medium enterprises.

The associations welcomed the reduction of customs duty on aluminium and steel scrap from five per cent to nil and reduction in general Cenvat peak rate.In his reactions to the budget announcements related to the capital market, K. Annamalai, director of DJS Stock and Shares Limited, said reduction of excise duties across the board would benefit most of the industries. However, stock exchanges and commodity exchanges had been brought under Service Tax net and short-term capital gains increased. Commodity transaction tax had been introduced. These would affect market sentiments. “Over all, the budget is disappointing as far as capital market is concerned,” he said.

Chairman of the Roots Group of Companies K. Ramasamy has said in a release that the budget gave thrust to agriculture, health, education and rural India.However, it was disappointing that there was no change in Corporate Tax. “Similarly, no change has been effected in Fringe Benefit Tax provisions for some of the business expenditures such as travel,” he said.In his budget reaction, Jayakumar Ramdass, chairman of Kural, said the additional focus and outlay on women and childcare would benefit.

“We welcome the setting up of 6,000 model schools and 16 central Universities, which will provide opportunities for more children to go in for quality education.” The organisation also welcomed the thrust given to education and health sectors.

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