Stimulus package sought for micro and SSI sectors
Expressing disappointment over "lack of initiatives" in the Union Budget to help small scale industries hit by economic meltdown, the Tamil Nadu Industrial Estate Manufacturers' Association urged a stimulus package.
By PTI |
CHENNAI: Expressing disappointment over "lack of initiatives" in the Union Budget to help micro and small scale industries hit by economic meltdown, the Tamil Nadu Industrial Estate Manufacturers' Association (IEMA) on Saturday urged the Centre come out with a stimulus package for its revival.
"We were expecting much from the Union Budget. It is a total disappointment for Micro and Small Scale Industries, as there is no package given for this sector, though we are severely hit by the economic downturn," IEMA President K V Kanakambaram told reporters here.
Former Secretary A Shanmuga Velayuthan, who also spoke, said the officials of the association had planned to meet the Prime Minister and the Finance Minister.
However, the abolition of Fringe Benefit Tax was the only welcome iniaitiave announced during the Union Budget, he said.
Velayuthan suggested that thte Central Excise Exemption Limit for Small Scale Industries should be increased from the present Rs 1.5 crore to Rs three crore. The Service Tax exemption limit should also be increased from Rs eight lakh to Rs 25 lakh for Micro and SSI units.
"We were expecting much from the Union Budget. It is a total disappointment for Micro and Small Scale Industries, as there is no package given for this sector, though we are severely hit by the economic downturn," IEMA President K V Kanakambaram told reporters here.
Former Secretary A Shanmuga Velayuthan, who also spoke, said the officials of the association had planned to meet the Prime Minister and the Finance Minister.
However, the abolition of Fringe Benefit Tax was the only welcome iniaitiave announced during the Union Budget, he said.
Velayuthan suggested that thte Central Excise Exemption Limit for Small Scale Industries should be increased from the present Rs 1.5 crore to Rs three crore. The Service Tax exemption limit should also be increased from Rs eight lakh to Rs 25 lakh for Micro and SSI units.
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