Flood -hit SMEs in Tamil Nadu a bit distressed with the Union Budget

New Delhi, Mar 2 (KNN) After being hit by the extreme floods in October last year, Tamil Nadu was left in a ruthless condition. The proposed budget was a hope for the state to resurrect from the suffering phase. The small and medium enterprises feel that their expectations were ignored by the government.

In a brief conversation with KNN, C Muthusami, President of TANSTIA, disclosed his perceptions and unmet expectation from the budget.

“The budget is overall fine; however it is not as per our expectations,” Muthusami said.

“Policies which allocate the budget to skill development and EPF are highly appreciable and welcomed,” he added.

The president was also contented with the allocated amount of 1 lakh crore in Mudra Bank for SMEs.

The disappointment occurred when the central excise duty was announced. “We expected the Central excise duty to be 5 crore whereas it appeared to be limited to 1 crore.”

The association was also distressed when the NPA norms were declared to be for 90 days, which was less than the expected 120 days.

“Also, there is no special subsidy for Tamil Nadu based flood hit MSMEs, which is highly disappointing” Muthusami expressed his disappointment. (KNN Bureau)