Industry leaders and heads of chambers of commerce have welcomed the Tamil Nadu budget, but they have given further suggestions.
Commending the government for projecting a fiscal deficit of 3.63% of the Gross State Domestic Product (GSDP), the Southern India Chamber of Commerce and Industry (SICCI) has said the restructuring of the government debt should be a possible starting point for the strategy to drive growth.
SICCI president Ar Rm Arun said, “The restructuring would help in lowering the interest burden and provide more fiscal space to the government. The government needs to explore all avenues to increase revenue through taxes, government services or even through sale of assets.”
Getting industry moving at all costs was imperative to increase revenue and generate growth, he said.
Chozha Naachiar Rajasekar, president of the Tamil Chamber of Commerce, said the Maduravoyal-Chennai port elevated corridor project, kept pending for 15 years, had to be completed before the stipulated time for the development of export and import trade and for reducing the congestion in the city. He called for a policy for the mining sector with consideration for environment and transparency.
Satyakam Arya, chairman, CII Tamil Nadu, said the reduction of the fiscal deficit from 4.33% to 3.80% was a great achievement of the government in the face of the pandemic and lockdowns during the last fiscal. He said many of the recommendations of the CII were accepted by the government. Among them were an upgraded single window system for the Chennai Metropolitan Development Authority and an increase in the floor space index to encourage transit-oriented development in areas adjoining Chennai’s outer ring road.
“A knowledge city with the collaboration of world-renowned universities, new and smart classrooms for government schools, modern sports complexes and central libraries for the newly created districts will help students further excel in their skills,” said Shankar Vanavarayar, vice-chairman, CII Tamil Nadu.
The Madras Chamber of Commerce and Industry lauded the plan to take over TANGEDCO’s losses for the year to the extent of ₹13,000 crore to ease the debt burden on the utility. But it favoured some sectoral reforms for a long-term solution.
