Tamil Nadu budget historic, growth-oriented: CII

Confederation of Indian Industry (CII) on Friday termed the budget presented by the Tamil Nadu government as 'historic', 'transformational' and 'growth oriented' with thrust on 'inclusive development'.

The trade body's southern region chairman and industrialist C K Ranganathan said the investments announced in the budget would propel the State Gross Domestic Product (GDP) comfortably to a double-digit growth with greater focus given to industrial infrastructure.

The announcement on mega-industrial clusters in pharmaceuticals, petro-chemicals, defence and aerospace would bring in more investments and create job opportunities, Ranganathan, also the chairman of fast-moving consumer good major CavinKare Ltd, said in a press release.

He congratulated Chief Minister M K Stalin and finance minister Palanivel Thiaga Rajan for allocating more funds towards education, women development, healthcare and skill development.

CII Tamil Nadu chairman S Chandrakumar said, the reduction of Rs 3 per litre in retail sale of petrol would be a relief to people and also control the prices of various products.

The government has made several announcements for Micro, Small and Medium Enterprises including the state-level credit guarantee scheme, funding for MSMEs to list in stock exchanges.

The announcements like 'Fin Tech Policy' and 'FinTech City' would facilitate the establishment of financial technology companies in the state which is the need of the hour, Chandrakumar said.

The announcement on the creation of one thousand check dams across Tamil Nadu would revitalize the groundwater and fulfill the irrigation requirement of the agriculture sector, he added.