COIMBATORE: The functionaries of the Coimbatore-Tiruppur District Micro and Cottage Entrepreneurs Association (COTMA) have sent a letter to Union Finance Minister Nirmala Sitharaman demanding the Centre to file a separate budget for the MSME sector.
The industrialists have raised the demand as the Union Budget is set to be presented soon.
“MSME is the second largest employer after the agriculture sector. Raw materials like iron, aluminium, copper, brass, casting and stainless steel play an important role in determining the growth of this sector," said the functionaries of COTMA, President C Sivakumar and General Secretary G Selvaraj, in the letter.
"Their prices are higher in Tamil Nadu as compared to other states. Therefore, a raw material bank should be opened in Tamil Nadu. To control their price volatility, the authorities should set up a monitoring committee consisting of entrepreneurs. Export duty on them should be increased and import duty on mineral products should be completely removed. In the future, separate financial statements should be filed for the MSME sector,” he added.
The association raised the demanded in order to get more funds and attention to their sector which has been facing numerous challenges over the years due to Covid-19 pandemic, the Russia-Ukraine war and other issues.
Raw material bank
Raw material prices are higher in Tamil Nadu when compared to other states. Therefore, a raw material bank should be opened in Tamil Nadu, says association