SIMA hails 10-point vision for economic growth
Chairman of the Southern India Millsâ€™ Association (SIMA), P Nataraj Coimbatore, has welcomed the Union Budget 2019-20 that has laid ambitious targets to address various important issues relating to connectivity, power, skill development, etc.
Budget 2019-20 that has laid ambitious targets to address various important issues relating to
connectivity, power, skill development, etc. Nataraj has appreciated the announcement of One Nation
One Grid power sector tariff and structural reforms. He has stated that the textile industry being the
power intensive industry and facing problem of stiff competition in the global market would get
greatly benefited with the proposed reforms addressing the barriers like cross subsidy surcharges,
undesirable duties on open access
and captive power generation.
Nataraj has also hailed the substantial progress made on infrastructure front and initiatives taken on
Ease of Doing Business.
He has also welcomed the increase
in the annual turnover threshold limit from Rs 250 crore to
Rs 400 crore with regard
to 25 per cent corporate tax. The announcement of four labour codes in place of multiple labour
is yet another welcoming feature in the budget,
Chairman has stated that allocation of Rs 700 crore for Amended Technology Upgradation Fund Scheme was
very much on lower side as the total pending TUF subsidy under various TUF schemes is amounting to
around Rs 10,000 crore. He has hoped that once the Ministry of Textiles conducts Joint Inspection and
make the claims, adequate funds would be provided to enable the industry to mitigate the financial
stress currently being faced. He has added that out of Rs 17,822 crore
fund allocated for TUF subsidy for
the period 2017-2022, only around
Rs 2,400 crore has been utilised and has appealed to the Government
to expedite the release of subsidy.