Budget 2019: Mixed industry reactions from Coimbatore belt

Coimbatore: Industry response in the western region of Coimbatore to the Interim union budget 2019 presented by Mr. Piyush Goyal in Parliament was a mix of elation and disappointment. Mr. Raja M Shanmugham, president of Tirupur Exporters Association, broadly welcoming the budget said, “the announcement of Rs 6,000 per annum to the Small and Marginal farmers and increasing the income tax exemption limit from Rs 2.5 lakh to Rs 5 lakh to individuals, and a monthly pension for unorganised sector workers are considered as better measures.” However, he urged the centre to allocate adequate funds for textile and knitwear sectors. The allocation may be revised upwards in the regular Union Budget 2019-20.” The increased allocation for the 'interest equalization scheme' from Rs 2,600 crore to Rs 3,000 core was also welcome to the MSMEs', said Raja Shanmugham. The general secretary of the South Indian collar shirts and Inner wears Small scale Manufacturers Association, K S Babuji, said, “small scale industries are expecting the Centre to increase the cash transaction limit from Rs. There is no adequate fund allocation and scheme for industrial development.” Similarly, Mr. Ravikumar, president of Coimbatore Tirupur District Micro and Cottage Entrepreneurs Association, said, “Though several announcements brings cheer to the public and big industrialists, the small scale industries are not happy with the interim budget, which did not considered the demands of the SSI sector.” Echoing the same sentiment, K Maniraj, president of Kovai Power Driven Pumps and Spares Manufacturers Association, said small scale industries' expectations such as GST rates reduction, subsidised and collateral free loans for SSIs' did not figure in the interim budget.