The Southern India Engineering Manufacturers Association, (SIEMA) said via a press release that it welcomes many of the announcements made by the Union Finance Minister Nirmala Sitharaman in her budget speech today.
The President of the Association, K.V.Karthik said that the MSMEs welcome the extension of ECLGS to March 2023 and enhancement of Credit Guarantee Scheme to Rs 5 lakh crores. However, he expressed disappointment due to the absence of much anticipated revision in norms of ECGLS to 40% of sanctioned limit.
Looking at other announcements, he said via a press release that the budget is growth-oriented. “The outlay of Rs 39 lakh crores for capital expenditure will spur economic growth. The allotment of Rs 1 lakh crores for the States to help investments will support the states in bringing in new investments. The special fund to finance agriculture and rural start-ups will provide a boost for the rural economy,” the press release said.
“The implementation of the Ken Betwa River Linking Project, Enhancement of Direct Farm Procurement to Rs. 2.37 Lakh crores, Har Gar Nal Ke Jal scheme – Allotment of Rs. 60,000 Crores to cover 3.8 Crore household for tap water, Allocation of Rs. 48,000 Crore for PM Housing Scheme are expected to have a positive impact on the Market for Pumpsets.”
“The move to set up 100 Cargo Terminals in 3 years and the plan to complete 25000 km national highway in 2022-23 under the PM Gathi Sakthi is a positive step.”
“We thank the FM for the removal of anti-dumping duty and CVD on stainless steel, this should help bring down its prices. The extension of reduction in import duty for steel scrap is also welcomed. However, more steps should have been taken to control spiraling raw material prices.”