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Industrial players cheer new policy | Coimbatore News


Coimbatore: Industrial associations here welcomed the Tamil Nadu government’s new industrial policy and cheered the decision to triple the subsidy cap on capital investment from Rs 50 lakh to Rs 1.5 crore.
The Coimbatore Tirupur Districts Micro and Cottage Entrepreneurs Association (Cotma) and Indian Chamber of Commerce and Industry (ICCI) called the policy ‘growth oriented’.
“We appreciate the decision to increase the cap on capital subsidy, which was 25% or Rs 50 lakh to Rs 1.5 crore. Today, even small industries have a capital outlay of more than Rs 4 crore because of inflation. Rs 50 lakh was a limit set more than a decade ago,” ICCI president Balasubramaniam said. “This will remove a solid portion of the burden from manufacturers.” ....

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Micro units welcome State government's MSME policy


Micro units welcome State government’s MSME policy
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The micro units here have welcomed the MSME policy announced by the State government on Tuesday as it has increased the capital subsidy ceiling.
“This is a welcome move that will help micro units expand,” said J. James, president of Tamil Nadu Association of Cottage and Tiny Enterprises.
The plan of the government to infuse funds into Tamil Nadu Industrial Investment Corporation (TIIC) is another announcement that will benefit the MSMEs, said C. Sivakumar, president of Coimbatore and Tiruppur Districts Micro and Cottage Entrepreneurs Association.
Raja M.Shanmugham, president of Tiruppur Exporters’ Association, said the Industrial and MSME policies will pave way for the growth of industries in the State. The MSME policy focuses on textiles too. The support to industrial housing project will benefit clusters such as Tiruppur. ....

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Customs Duty cut expected to bring down raw material prices


Customs Duty cut expected to bring down raw material prices
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Engineering units in Coimbatore will benefit from the Budget proposal
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Engineering units in Coimbatore will benefit from the Budget proposal
The Union Budget announcement on Monday reducing Customs Duty on steel and ferrous and non-ferrous scrap is expected to bring down raw material prices for the engineering units in Coimbatore.
According to the Coimbatore District Small Industries Association president M.V. Ramesh Babu, several announcements are expected to benefit the MSMEs. For metal recyclers, import duty is exempted till end of March next year.
Indian Chamber of Commerce and Industry, Coimbatore, president C. Balasubramanian, said the government had taken the right steps in the budget and planned to increase its spending in different sectors. Coimbatore was a hub for textiles and MSMEs and the announcements would benefit these sectors. A mega textile p ....

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Micro units seek industrial estates


Micro units seek industrial estates
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The micro units here have appealed to the State government to construct industrial estates, exclusively for the micro units, on the main roads in Coimbatore.
This was one of the resolutions passed at the annual meetings of Tamil Nadu Association of Cottage and Tiny Enterprises (TACT) and Coimbatore and Tirupur Districts Micro and Cottage Entrepreneurs Association (COTMA) held here on Wednesday.
At its meeting, the TACT members resolved to appeal to the public sector undertakings to increase the charges paid to them by 30 % for components supplied. With steep hike in raw material prices, the units need to realise better prices for the products. Similarly, the industries that outsource jobs to micro units should increase the hour rate paid for the job work by 50 % from the current level. Though the micro units got payments for the work done only after 60 or even 180 days, they need ....

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