MADURAI: The Union Budget 2025 incited a mixed response from trade associations in Madurai. Tamil Nadu Chamber of Commerce and Industry welcomed the increase to Income Tax slab, projects for farmers, announcements in support of MSMEs, and establishment of cancer centres among others.
However, they said Tamil Nadu was ignored and the focus was more on Bihar, in view of the upcoming election. They argued there was no budget allocation for Madurai AIIMS, expansion of the Madurai airport and Madurai Metro among others.
MADITSSIA welcomed many aspects and highlighted that certain expectations, including the demand of old and new industrial estates being provided with 90% subsidy for road and street lights under the IID (Integrated Infrastructure Development) Scheme, were not met. If MSME companies install solar lights, they should be given a 25% subsidy through SIDBI. Small businesses should also be given a set-off facility, like the one currently available for homes.
The Agri and All Trade Chamber were disappointed that Finance Minister Nirmala Sitharaman was not concentrating on various important recommendations in the economic survey, and chose the beaten down path in presenting the Budget. When the growth of the GDP is expected to hit a four-year low at 6.4% this fiscal year in 2024-25, as against 7% growth recorded in the past three years and private investments not picking up with a fall in consumption, they expected announcement of a second generation of reforms in GST but it was absent in the budget. However, they welcomed the New Simplified Income Tax Act and the changes announced to TDS and TCS.
Tamil Nadu Foodgrains Merchants Association Limited welcomed many aspects but was upset that no announcement was made for the Madurai-Thoothukudi industrial corridor and Madurai Metro.