Advertise Here [468 W x 60 H pixels]
Web Exclusive | July 2019

SIMA hails 10-point vision for economic growth

The NDA Government brought several historical reforms during its tenure 2014-2019 especially on the tax structure making the country “One Nation One Tax One Market” by implementing the GST successfully. Now, the Government has announced 10 point vision for next decade intending to make the country to achieve $5 trillion economy in the few years.

P Nataraj, Chairman, The Southern India Mills’ Association (SIMA), Coimbatore, has welcomed the Union Budget 2019-20 that has laid ambitious targets to address various important issues relating to connectivity, power, skill development, etc. Nataraj has appreciated the announcement of One Nation One Grid power sector tariff and structural reforms. He has stated that the textile industry being the power intensive industry and facing problem of stiff competition in the global market would get greatly benefited with the proposed reforms addressing the barriers like cross subsidy surcharges, undesirable duties on open access and captive power generation.

Nataraj has also hailed the substantial progress made on infrastructure front and initiatives taken on Ease of Doing Business. He has also welcomed the increase in the annual turnover threshold limit from Rs 250 crore to Rs 400 crore with regard to 25 per cent corporate tax. The announcement of four labour codes in place of multiple labour legislation is yet another welcoming feature in the budget, says Nataraj.

SIMA Chairman has stated that allocation of Rs 700 crore for Amended Technology Upgradation Fund Scheme was very much on lower side as the total pending TUF subsidy under various TUF schemes is amounting to around Rs 10,000 crore. He has hoped that once the Ministry of Textiles conducts Joint Inspection and make the claims, adequate funds would be provided to enable the industry to mitigate the financial stress currently being faced. He has added that out of Rs 17,822 crore fund allocated for TUF subsidy for the period 2017-2022, only around Rs 2,400 crore has been utilised and has appealed to the Government to expedite the release of subsidy.
Post your comment
Name:  
Email:    
Comments:  
Verification Code:   Change Image


 
Advertise Here [728 W x 90 H pixels]
A.T.E Enterprises Pvt Ltd (Processing ETP)      Arvind Rub-Web Controls Ltd      Associated Autotex Ancillaries Pvt Ltd      B & R Industrial Automation Pvt Ltd      Cox And Kings Ltd      DCC Print Vision LLP      Elgi Electric and Industries Ltd      Embee Corporation      Eppinger Tooling Asia Pvt Ltd      Excel Traders      Gem Equipments Ltd      Henna Tex      Hindalco Industries Ltd      Hongkong Trade Development Council      Jogindra Industries Pvt Ltd      K.U. Sodalamuthu and Co. Pvt Ltd      Lakshmi Machine Works Ltd      Lapp India Pvt Ltd      Loepfe Brothers Ltd (Masterline)      Meera Industries Ltd      Messe Frankfurt Trade Fairs India      Nestling Technologies      Prashant West Point Machinery Pvt. Ltd      Premier Evolvics Pvt Ltd      Rabatex Industries      Rieter India Pvt. Ltd      Savio India Ltd      Savio Texcone Pvt Ltd      Shail International Pvt Ltd      Sheeba Engineering Co.      Sieger Spintech Equipments Pvt Ltd      SRE Corporation      SSP Pvt Ltd      Stovec Industries Ltd      Techno Electronics And Instruments      TeFoc Accessories      Texcom Textile Solution      Texfab Engineers (I) Pvt Ltd      Trutzschler India Pvt Ltd      Unitop Aquacare      Vetal Hitech Machines Pvt. Ltd      A.T.E Enterprises Pvt Ltd (Processing ETP)      Arvind Rub-Web Controls Ltd      Associated Autotex Ancillaries Pvt Ltd      B & R Industrial Automation Pvt Ltd      Cox And Kings Ltd      DCC Print Vision LLP      Elgi Electric and Industries Ltd      Embee Corporation      Eppinger Tooling Asia Pvt Ltd      Excel Traders      Gem Equipments Ltd      Henna Tex      Hindalco Industries Ltd      Hongkong Trade Development Council      Jogindra Industries Pvt Ltd      K.U. Sodalamuthu and Co. Pvt Ltd      Lakshmi Machine Works Ltd      Lapp India Pvt Ltd      Loepfe Brothers Ltd (Masterline)      Meera Industries Ltd      Messe Frankfurt Trade Fairs India      Nestling Technologies      Prashant West Point Machinery Pvt. Ltd      Premier Evolvics Pvt Ltd      Rabatex Industries      Rieter India Pvt. Ltd      Savio India Ltd      Savio Texcone Pvt Ltd      Shail International Pvt Ltd      Sheeba Engineering Co.      Sieger Spintech Equipments Pvt Ltd      SRE Corporation      SSP Pvt Ltd      Stovec Industries Ltd      Techno Electronics And Instruments      TeFoc Accessories      Texcom Textile Solution      Texfab Engineers (I) Pvt Ltd      Trutzschler India Pvt Ltd      Unitop Aquacare      Vetal Hitech Machines Pvt. Ltd