India News | Trade, Industry and Textile Sector Welcome TN Budget

Coimbatore (TN), Mar 20 (PTI) The local chapter of Indian Chamber of Commerce and Industry on Monday welcomed the Tamil Nadu Budget, particularly with the announcement of Metro Rail Project for Coimbatore allocating Rs 9,000 crore.

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State Finance Minister Palanivel Thiaga Rajan presented the budget for 2023-24 in the Assembly today.

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In a statement, Chamber president B Sriramulu appreciated and thanked Chief Minister M K Stalin for announcing allocation of Rs 77,000 crore for developing Mega Power Project generating 14,500 MW of power by 2030.

This will support industrial development and overcome power shortage problem, he said.

To felicitate the students from Tamil Nadu to get trained to appear for Civil Services exams, he said the stipend of Rs 7,500 per student each for a period of 10 months will motivate them from this region to join the Civil Services.

The announcement for integrated projects for planned development to be launched for Coimbatore “Ezhilmigu Coimbatore” and allocating Rs 172 crore for “Semmozhi Poonga” in Coimbatore are good initiatives, he said.

The allocation of Rs 2,000 crore in the budget for rural roads covering more than 5,140 KM, bank loans to the tune of Rs 30,000 crore for Women SHGs and announcement of Tamil Nadu Tech City in Coimbatore in addition to Chennai and Hosur are welcome step, he added.

In total, the budget is a well balanced one with decrease in revenue deficit, Sriramulu said.

Southern India Mills' Association (SIMA) chairman Ravi Sam thanked Stalin, Handlooms & Textiles Minister R Gandhi and Industries Minister Thangam Thennarasu for the right initiatives in the budget.

He appreciated the State Government for enhancing the free power supply to powerloom sector from 750 units to 1,000 units, which would strengthen the competitiveness of the powerloom sector in Tamil Nadu benefitting 1.64 lakh powerloom weavers who account around 25 per cent of the woven fabrics production in the country and play a major role in exports.

The announcements in budget are initiatives in the right direction, specifically the new SIPCOT industrial parks to be set up in Virudhunagar, Vellore, Kallakurichi and Coimbatore.

The target fixed to double the installed power generation capacity by 2030 and increase the share of green energy to 50 per cent is laudable, more so, when the export market scenario is prioritizing sustainability and utilising green energy would go a long way in supporting the textile manufacturing exporters, Ravi Sam said.

He also hailed the government for announcing that a new Textile Policy would be released with a focus on holistic development of the entire value chain, latest design development and textile machinery manufacturing.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)