TANSTIA Welcomes Tamil Nadu's Budget 2018

Commenting on the recently proposed budget for state, Tamil Nadu Small and Tiny Industries Association (TANSTIA) said that the budget makes a fair case for the Micro, Small and Medium Enterprises (MSMEs) of the state.

C.K Mohan, General Secretary of the Tamil Nadu Small and Tiny Industries Association (TANSTIA) said that the budget comes as a good document and is in line with the Prebudget memorandum submitted by various industry associations.

“We demanded for increasing the bracket for purchase preference, the finance ministry took it into account and have increased it to 25 per cent in the proposed budget”, Mohan said.

With regard to the land constraints for setting up industries, Mohan said that the newly proposed budget is to help address the concern as well.

Also with the State government plans to undertake the second phase of the Tamil Nadu Investment Promotion Programme (TNIPP) with an estimated project cost of Rs 1,295 crore to make Industrial Development and also an allocation of Rs 100 crore for a Special Project to develop various product-specific Integrated MSME Clusters in four locations, there is a new energy among the MSMEs of the state.

Mohan, however, acknowledging the constraints in State’s budget post implementation of GST.

“With new tax structure in the country, state is not having a lot of command over its funds, therefore it has done what it could do”, Mohan added.

While the budget makes good announcements for the industry, implementation would be something that stakeholders across sectors would be eyeing at, he informed.