COTMA President Sivakumar calls for fulfillment of industry demands in the upcoming budget, including increased loan limits and establishment of industrial parks across India.
Coimbatore: The Coimbatore Tirupur District Micro and Cottage Entrepreneurs Association (COTMA) has urged the government to fulfill the demands put forth by the industrial sector in the upcoming budget. The association's president, Sivakumar, issued a statement on July 22, welcoming certain announcements made in the recently tabled budget while also highlighting additional requirements.
Sivakumar expressed appreciation for several budget announcements, including the increase in the upper limit of MUDRA loans from Rs 10 lakh to Rs 20 lakh. He also welcomed the decision to raise the loan amount to Rs 100 crore to encourage industries during times of crisis.
The COTMA president noted positively that loan assessments for entrepreneurs would be based on their business growth and the value of the property they purchase. He also lauded the plan to establish industrial parks in 100 districts across the country, with initial approval for 12 locations in the first phase.
Other welcomed announcements include the establishment of worker hostels with public and private participation, internship opportunities for one crore youth in public sector enterprises, and the creation of 1000 industrial training institutes to train youth. The reduction of import duties on 20 types of scrap materials, including copper and iron, was also appreciated by COTMA.
However, Sivakumar emphasized the need for additional measures in the upcoming budget session. On behalf of COTMA, he requested the implementation of tax rate reductions to increase consumer purchasing power, reductions in bank charges, and provisions for uniform pricing of raw materials across the country.
The COTMA president concluded by urging the government to support entrepreneurs by implementing these announcements in the upcoming budget session, stressing their importance for the industrial sector's growth and development.
Sivakumar expressed appreciation for several budget announcements, including the increase in the upper limit of MUDRA loans from Rs 10 lakh to Rs 20 lakh. He also welcomed the decision to raise the loan amount to Rs 100 crore to encourage industries during times of crisis.
The COTMA president noted positively that loan assessments for entrepreneurs would be based on their business growth and the value of the property they purchase. He also lauded the plan to establish industrial parks in 100 districts across the country, with initial approval for 12 locations in the first phase.
Other welcomed announcements include the establishment of worker hostels with public and private participation, internship opportunities for one crore youth in public sector enterprises, and the creation of 1000 industrial training institutes to train youth. The reduction of import duties on 20 types of scrap materials, including copper and iron, was also appreciated by COTMA.
However, Sivakumar emphasized the need for additional measures in the upcoming budget session. On behalf of COTMA, he requested the implementation of tax rate reductions to increase consumer purchasing power, reductions in bank charges, and provisions for uniform pricing of raw materials across the country.
The COTMA president concluded by urging the government to support entrepreneurs by implementing these announcements in the upcoming budget session, stressing their importance for the industrial sector's growth and development.