The Mysuru Industries Association (MIA) has welcomed the Union Budget presented by Finance Minister Nirmala Sitharaman in New Delhi on Tuesday and termed it an “industry-friendly and MSME-supportive” Budget.
In a statement here, MIA president P. Vishwanath and General Secretary Suresh Kumar Jain identified the Union government’s proposal to set aside ₹1.48 lakh crore for skill training and job creation with the goal of training 20 lakh youth over the next five years and the allocation of ₹100 crore towards unsecured credit for small industries under the Credit Guarantee Fund Trust (CGFT) scheme among the welcome features of the Union Budget.
The MIA also welcomed the proposal to allocate funds for the Bengaluru-Hyderabad Industrial Corridor as well as the proposed scheme to develop dormitory-style rental accommodations under a public private partnership (PPP) to address the needs of industrial workers.
Mr. Jain also lauded the Budgetary proposal to upgrade 1,000 Industrial Training Institutes (ITIs) across the country and the employment-linked incentive upto a maximum of ₹15,000 for all persons entering the workforce, payable to the employee in three instalments.
The MIA also welcomed the government’s proposal to establish e-commerce export hubs under a PPP model to boost MSME’s in the global market and the proposed development of investment-ready ‘plug and play’ industrial parks with complete infrastructure in or near 100 cities in partnership with the states and the private sector.
Last, but not the least, the MIA has also lauded the Union government’s proposal to increase the loan limit under its Mudra scheme from the existing ₹10 lakh to ₹20 lakh.
