Response in the western region of Coimbatore to the Interim budget 2019 was a mix of elation and disappointment. While knitwear and garment industry broadly hailed the interim budgetary, small scale manufacturers expressed disappointment over few measures to boost industrial activity.
Raja M Shanmugham, President, Tirupur Exporters Association (TEA), welcomed the the announcement of Rs 6,000 per annum to the Small and Marginal farmers and increasing the income tax exemption limit from Rs 2.5 lakh to Rs 5 lakh to individuals, and a monthly pension for unorganised sector workers are considered as better measures. He, however, urged the centre to allocate adequate funds for textile and knitwear sectors.
K V Srinivasan, Chairman, The Cotton Textiles Export Promotion Council (Texprocil) termed the budget growth oriented. He feels, hike in the taxable income threshold, increase in standard deduction to Rs 50,000 are measures that would leave more disposable income with the salaried class, leading to higher consumption including textiles. He urged the inclusion of cotton yarn and fabrics under ROSL scheme.
V Lakshminarayanasamy, President, Indian Chamber of Commerce and Industry, Coimbatore hailed the budget's focus on two major points: farmers and general tax payers.