The Confederation of Indian Industry (CII) in Coimbatore praised the Union Budget, emphasizing its positive impact on local industries. The budget's provisions are expected to boost various sectors, including metal recycling and gold jewelry manufacturing.
Coimbatore: The Confederation of Indian Industry (CII) in Coimbatore held a press conference today to discuss the newly presented Union Budget, describing it as exceptional and beneficial for local industries.
Radhakrishnan, Chairman of CII's Coimbatore district chapter, highlighted several aspects of the budget that would positively impact Coimbatore-based companies. He noted that the reduction of import duty on ferrous scrap to zero would greatly benefit local firms. Additionally, the lowered import duty on copper scrap is expected to reduce the price of raw copper materials.
The reduction of customs duty on gold from 15% to 6% was cited as a significant benefit for both gold jewelry manufacturers and consumers. Radhakrishnan also emphasized the allocation of 11 lakh crore rupees for infrastructure development, which he said would benefit all companies and the general public.
The CII representatives praised the budget for its focus on job creation, with various schemes announced to potentially employ one crore people. They also highlighted the provision of collateral-free loans for small and micro enterprises to purchase machinery, and the increase in the Mudra loan amount from 10 lakhs to 20 lakh rupees.
The industry body concluded that the Union Budget was filled with numerous special features that would contribute to economic growth and development across various sectors.
Radhakrishnan, Chairman of CII's Coimbatore district chapter, highlighted several aspects of the budget that would positively impact Coimbatore-based companies. He noted that the reduction of import duty on ferrous scrap to zero would greatly benefit local firms. Additionally, the lowered import duty on copper scrap is expected to reduce the price of raw copper materials.
The reduction of customs duty on gold from 15% to 6% was cited as a significant benefit for both gold jewelry manufacturers and consumers. Radhakrishnan also emphasized the allocation of 11 lakh crore rupees for infrastructure development, which he said would benefit all companies and the general public.
The CII representatives praised the budget for its focus on job creation, with various schemes announced to potentially employ one crore people. They also highlighted the provision of collateral-free loans for small and micro enterprises to purchase machinery, and the increase in the Mudra loan amount from 10 lakhs to 20 lakh rupees.
The industry body concluded that the Union Budget was filled with numerous special features that would contribute to economic growth and development across various sectors.