V. Senthilkumar
President, MADITSSIA
A Growth Fund of ₹10,000 crore has been provided for the development of Small and Medium Enterprises.
A Risk Capital Fund of ₹2,000 crore has been allocated to ensure capital is easily available for the development of tiny industries.
It has been announced that all public sector undertakings will be registered under the TReDS scheme. This ensures that MSME companies selling to public sector undertakings will receive their payment for sales quickly.
It has been ensured that government departments will purchase manufactured goods from small-scale industries in larger quantities.
An announcement has been made that GST will be simplified for tiny industries.
Corporate Tax has been reduced for companies with a turnover of less than ₹50 crore, which will serve as a reason to increase their profits.
A low-interest Green Loan has been announced for solar energy and energy-efficient machinery.
The "Champion MSME" scheme has been introduced to ensure the growth of small and tiny industries.
An allocation of ₹5,000 crore has been made to increase tourism income from temple towns, which will provide funds for the development of Madurai, the temple city.
Funds have been allocated to encourage research in Traditional Medicine.
Funds have been allocated to encourage trekking in the Pothigai Hills, which will develop the tourism sector.
Expectations Not Met in the Budget
No announcement was released regarding the Madurai-Tuticorin Industrial Corridor.
The request to extend the IID scheme, which is currently only for old industrial estates, to new industrial estates was not addressed in the announcements.
Following the announcement of GST 2.0, no announcement was released regarding claiming ITC (Input Tax Credit) for machinery in MSME companies.
No announcement was released regarding the conversion of Madurai Airport into an international airport.
No announcement was released regarding the Madurai Metro Rail project.