Coimbatore industries hope the Union Budget announcements will revive demand

With recession in other countries, there is a need to increase domestic consumption. The ₹10 lakh crore capital investment envisaged in the budget is expected to spur demand, they say

Industries, especially the MSMEs, hope the Union Budget will lead to better demand in the domestic market and revive industrial production.

Coimbatore District Small Industries Association president V. Thirugnanam said the Budget supported skill development, fund availability to MSMEs, and ease of doing business. Higher allocation for the Railways is expected to bring more orders to MSMEs that supply to the Railways, he said.

President of the Indian Chamber of Commerce and Industry, Coimbatore, B. Sriramulu, said that with recession in other countries, there was a need to increase domestic consumption. The ₹10 lakh crore capital investment envisaged in the budget is expected to spur demand.

D. Balasundaram, former president of the Chamber, said the industry would benefit when the domestic demand revived.

Confederation of Indian Industry, Coimbatore, chairman, S. Prashant, said the Budget was well-balanced and inclusive. All the areas that were called out in the Budget were also the focus areas for Coimbatore Next programme. The Budget focused on digital initiatives that would improve tax collections and makes growth inclusive.

According to D. Vignesh, president of Southern India Engineering Manufacturers’ Association, while there are measures to boost industrial growth and support MSMEs, there are no measures to rein in raw material prices that are again on an upward trend.

S. Surulivel, vice-president of Tanstia, said the Budget does not have any new scheme for MSMEs and has completely stopped several schemes that were under implementation.