Trade chambers in Tamil Nadu give mixed reaction for Budget-2020

The trade chambers and captains have given a mixed reaction to the budget.

Published: 02nd February 2020 06:05 AM  |   Last Updated: 02nd February 2020 06:05 AM   |  A+A-

Chennaiites glued to the TV screens as the budget is being presented | P Jawahar

By Express News Service

CHENNAI: The trade chambers and captains have given a mixed reaction to the budget. Former Revenue Secretary MR Sivaraman said the budget would become a reality only if State government cooperates. "The policies on MSMEs will be helpful in boosting employment. But about 65 per cent of the policy needs the cooperation from the State government," he said.

Terming the budget "historic and transformational," R Ganapathi, President of SICCI, said it has rightly focused on agriculture, irrigation, rural development, sanitation, healthcare, education and infrastructure.

"In order to achieve 10 per cent growth, energy sector should grow at least at 8% rate. The budget has rightly provided necessary ingredients for it like large solar power capacity, alongside railway tracks to generate power on the railway land," he said.

MCCI president Ramkumar Ramamurthy said the proposal to corporatize ports, improve agriculture logistics and infrastructure through Kisan Rail and create geo-tagged village warehouse, were innovative moves to enhance the infrastructure. Sanjay Jayavarthanavelu, Chairman of CII Southern said that the budget has addressed different sectors of economy.

MM Murugappan, Executive Chairman of Murugappa Group said that government acknowledged its fiscal challenges, resorting to the escape clause in FRBM (pushing up deficit to 3.8% in FY20 & 3.5% in FY21) with total expenditure increased by 13% (higher increase in capex) resulting in incremental improvements across sectors.

However, CH Venkatachalam, General Secretary of All India Bank Employees’ Association said the budget is a docile document with usual figures, promises and expectations and it is unlikely that this would help to turn the tide.

Booster shot?

Not all experts in the State were willing to give a thumbs up to the budget.

Not a cracker of a budget: Fireworks body

VIRUDHUNAGAR: For the Tamil Nadu Fireworks and Amorces Manufacturers Association (TANFAMA), the budget is neither a head-turner nor the one to be ignored. Speaking to TNIE, the associations President Panjurajan said: "Though the budget doesn’t affect the fireworks industry, the government has to take steps to improve the productivity of all industries. Speaking on improving public's purchasing power, it is appreciable that the government has taken steps to increase the income of individuals and farmers."

Meanwhile, the Indian Fireworks Manufacturers Association (TIFMA) expressed uncertainty as to its share of the pie. “Though crores and crores are allotted for industries, it is unclear how much each sector would be entitled to.”


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