The Madras Chamber of Commerce & Industry (MCCI) broadly welcomes the Budget proposals presented by the State Finance Minister today.
This budget has been presented in the backdrop of a difficult economic situation.
A number of welfare schemes have been proposed to support the various sectors as well as the general public.
Great emphasis has been given to skill development and training and the Chamber welcomes this proposal. This is forward looking and is bound to have a long term impact.
The Chamber welcomes the proposal to improve and restore the water bodies as it will help us to mitigate the scarcity of water. Hopefully this would revive the farm sector in the State.
The proposal to set up a ship building yard in Thoothukudi will encourage the logistics sector.
Adequate steps have been taken to improve the Power shortage by setting up many power projects. However, there is no indication about the deadline for the completion of the projects. The Chamber urges the State Government to support commissioning the Koodungulam power plant at the earliest which would greatly help the Industries to run their plants.
There are no fresh proposals in respect of Commercial Tax levies. This is a welcome step.
Though the Government had organised a pre-budget meeting recently and a number of tax issues were discussed, it is hoped that the Government will take note of them and address them shortly.
The general slowdown in the global economy has also affected the State’s growth. Keeping this in mind, the Government has taken certain positive steps to revive the economy through this Budget.