Budget is neither sweet nor bitter, says Mysuru Industries Association

Mysuru, Feb 1 (KNN) Mysore Industries Association (MIA) has expressed mixed reaction on the 4th Union Budget presented by the Union Finance Minister Arun Jaitley.

MIA President & MLA Sri Vasu and Secretary Suresh Kumar Jain said the budget is neither sweet nor bitter.

“Budget does not have any specific welcoming feature for the MSME Sector but with some measures for the overall economic development of the nation. MSME expectations not full filled there is no specific support schemes, allocations for MSME sector after demonetization effect, MSMEs expected more support schemes in the budget but there is no allocation for Industrial Infrastructure, No relief in interest rate for the MSME loans & NPA norms for MSME has not been relaxed,”  MIA said.

In a statement, MIA said it has welcomed the following announcements:

• The Pradhan Mantri Mudra Yojana has contributed significantly to funding the unfunded and the underfunded. Last year, the target of ` 1.22 lakh crores was exceeded. For 2017-18, it has been propose in the budget to double the lending target of 2015-16 and set it at ` 2.44 lakh crores. Priority will be given to Dalits, Tribals, Backward Classes, Minorities and Women.
• Total MSME allocation in the budget for the year 2016 Rs.5463 Cr, for the year 2017 is Rs. 6482 Cr. So additional Rs.1019 Cr.
• for MSMEs Income Tax 5% reduction and 5% relief upto Rs.50 cr.
• 600 skill Development centre in 2017 under Skill India project. (KNN Bureau)