Coimbatore industries say Budget should have addressed raw material issues
The Hindu
Coimbatore MSMEs welcome the budget's focus but express disappointment over unaddressed raw material challenges and rising operational costs.
The Micro, Small and Medium-scale Enterprises (MSMEs) in Coimbatore and Tiruppur have welcomed the thrust on MSMEs in the Union Budget. However, there is no measure to address the challenges the MSMEs face on the raw material front, they say.
Rajesh Doraiswamy, chairman of the Confederation of Indian Industry, Coimbatore, said the public capital expenditure of ₹12.2 lakh crore and investment in logistics and urban infrastructure will catalyse private investment and employment generation.
The Indian Chamber of Commerce and Industry, Coimbatore, president Rajesh B. Lund said the focus on infrastructure was a welcome move. However, the Budget did not encourage private investors in the capital market.
By placing MSMEs at the centre of economic growth and extending incentives to key sectors such as textiles and leather, cashew, and marine, the Budget will empower exporters in the southern region to scale up and innovate, said, Gopalakrishnan, regional chairman, Federation of Indian Export Organisations (FIEO), Southern Region.
M. Karthikeyan, president of the Coimbatore District Small Industries Association, said measures to encourage scaling up manufacturing in seven strategic sectors, rejuvenating legacy industrial clusters, creating champion SMEs, providing a push to infrastructure development, ensuring long-term security and stability and developing economic regions in the city as engines of growth were all welcome measures.
The Southern India Engineering Manufacturers Association president, Mithun Ramdass, said while the Budget has several welcome measures, it should have spoken about steps to control the raw material prices.
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