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Tirupur Exporters Association Welcomes Tamil Nadu Budget

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Port Wings News Network:

Shri. Raja M Shanmugham, President, Tirupur Exporters Association (TEA), welcomed the Tamil Nadu State Government decision of allocating Rs.1,224.25 crore in Budget Estimates 2020-21 for the Handlooms and Textiles.

It may be noted that Deputy Chief Minister of Tamil Nadu and Minister of Finance Shri O.Panneerselvam presented the Tamil Nadu Budget 2020-21 in Tamil Nadu assembly on 14 February 2020.

Shri. Raja M Shanmugham welcomed the environmental clearance for Athikadavu-Avinashi irrigation scheme with allocation of Rs.500 Crore.

Shri. Raja M Shanmugham also welcomed expanding the benefits available under Prime Minister’s Employment Generation Programme (PMEGP) and the Unemployed Youth Employment Generation Programme (UYEGP), the existing project size limit of Rs.10 lakh will be enhanced to Rs.15 lakh and the eligible subsidy under the scheme will be enhanced from Rs.1.25 lakh to Rs.2.5 lakh. “This will encourage thousands of budding entrepreneurs. The provision for this scheme has been enhanced to Rs.33 crore in the Budget Estimates 2020-21,” he said it a statement.

He welcomed for enhancing the maximum capital subsidy under the NEEDS scheme from Rs.30 lakh to Rs.50 lakh and a sum of Rs.100 crore has been allocated for this scheme in the Budget Estimates 2020-21.

Shri. Raja M Shanmugham welcomed the enhancement of interest subvention under the Technology Upgradation Scheme and the Credit Guarantee Fund Trust scheme from 3 per cent to 5 per cent.

He welcomed the reduction in Stamp Duty for rental agreements under the new Tenancy Act to 0.25% from 1% and registration charges on such agreements to 0.25% from 1% subject to a maximum of ₹5,000.

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