ASSOCHAM welcomes TN budget

ASSOCHAM welcomes TN budget

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has welcomed the Tamil Nadu State Budget which is balanced, growth oriented and people-centric.

ASSOCHAM welcomed the importance given to the development of the industry in Tamil Nadu through measures to spur manufacturing and create new jobs.

It welcomed creation of a Polymer Industries Park in Ponneri, Tiruvallur district to house MSME plastic component manufacturing units.

Other factors it hailed include setting up of a Special Purpose Vehicle Madurai-Thoothukudi Industrial Corridor Development Corporation Ltd to expedite the land acquisition for this project

Approval for development of 250 acres in Vallam Vadagal, Sriperumbudur as an aerospace park, allocation of Rs. 150 crores to train two lakh youth for skill development under the Tamil Nadu Skill Development Mission is an essential measure though the industry requirements are much higher, it said.

Promotion of the Tamil Nadu Infrastructure Fund as an Alternative Investment Fund Category I with an allocation of Rs.2,000 crores
Allocation of Rs. 13,800 crore for the energy sector is the right infrastructure impetus the industry needs now

ASSOCHAM also commended the government for its fiscal prudence in projecting a fiscal deficit at 2.96 per cent of the Gross State Domestic Product (GSDP) which is well below the stipulated maximum of 3 per cent of the GSDP. The recent ASSOCHAM study on the economy of TN titled ‘Action Agenda for the New Government of Tamil Nadu’ has projected that the state has the potential to create over 90 lakh new jobs and attract investments worth Rs 22 lakh crore during next five years. ASSOCHAM can enable the government to focus on the creation of a defence manufacturing cluster, state wide start up network, integrated Logistics Park among others with minimum burden on the state exchequer and delivering maximum returns.