MSMEs in Coimbatore disappointed

The Union Budget announcements on Tuesday disappointed most of the micro, small and medium-scale enterprises (MSMEs) here as there was no announcement to reduce the increasing raw material prices. A.

The Union Budget announcements on Tuesday disappointed most of the micro, small and medium-scale enterprises (MSMEs) here as there was no announcement to reduce the increasing raw material prices.

A. Sakthivel, president of the Federation of Indian Exporters’ Organisations, said the Finance Minister presented a proactive, all encompassing visionary budget. It struck a fine balance to address the gap in social and physical infrastructure besides increasing digitisation. The sectoral relief given through reduction in duty on cut and polished diamonds, gemstones, certain chemicals and extension of zero duty on steel scrap will benefit the gems and jewellery, chemicals and engineering exporters. Similarly, the restoration of the facility of duty free import of trimming and embellishments for exports will help the apparel, textiles, leather garments and leather footwear, handicrafts, sports goods and other sectors.