ICCI Coimbatore chapter hails budget for boosting industries, healthcare, and AI initiatives

Rajesh pointed out that the new income tax slab rates and tax exemption for an income of Rs 12 lakh per annum would benefit micro industries a lot.
Image used for representational purposes only.
Image used for representational purposes only.Photo | Express Illustrations
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COIMBATORE: The Indian Chamber of Commerce and Industry (ICCI) Coimbatore chapter functionaries noted that the extension of Jal Jeevan mission project will benefit thousands of motor pump manufacturers in Coimbatore.

Rajesh B Lund, ICCI Coimbatore chapter president, N Pradeep, secretary, other functionaries, industrialists, and entrepreneurs from across the district addressed the media persons here on Saturday regarding the union budget tabled by Finance Minister Nirmala Sitharaman.

Rajesh pointed out that the new income tax slab rates and tax exemption for an income of Rs 12 lakh per annum would benefit micro industries a lot.

He added, “To further strengthen healthcare infrastructure, 10,000 additional seats will be introduced in medical colleges and hospitals in the coming year, as part of a broader plan to add 75,000 seats over the next five years. This will improve the medical field a lot. The establishment of daycare cancer centres in the district hospitals will also benefit thousands of people.”

“Also, to improve relief for cancer patients, those suffering from rare diseases, and chronic conditions, the government has announced to add 36 life-saving drugs to the list of medicines which are fully exempted from basic customs duty (BCD). Apart from that, six life-saving medicines will be added to a list with a concessional customs duty of 5%, full exemption and concessional duty will apply to bulk drugs used for manufacturing these medicines. Additionally, 37 new medicines and 13 new patient assistance programs will be included in the exemption list. These will be a big relief for people seeking life-saving drugs,” he further said.

With Sitharaman announcing setting up of three Centres of Excellence in Artificial Intelligence for agriculture, health, and sustainable cities in 2023, she revealed that now a Centre of Excellence in Artificial Intelligence for education will be set up with a total outlay of Rs 500 crore. The ICCI functionaries informed that they would be writing to the union government to set up one of the AI centres here in Coimbatore.

Regarding the specific benefits or advantages for the industries in Coimbatore in the budget announcement, the ICCI members highlighted that the extension of the Jal Jeevan Mission project until 2028 would benefit thousands of motor pump manufacturers in the district.

The members also pointed out that one of the demands which they had put forth Union Finance Minister Nirmala Sitharaman during her visit to Coimbatore was fulfilled and announced in the budget.

The minister announced to extend the time limit to file updated returns for any assessment year, from the current limit of two years to four years, which was requested by the ICCI and industries here in Coimbatore.

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