CHENNAI: The Federation of Indian Chambers of Commerce and Industry, Tamil Nadu State Council (FICCI-TNSC) hailed the Budget as “proactive, balanced and people-friendly”.The Budget has several announcements in tune with the Vision 2023 unveiled by Chief Minister J Jayalalithaa recently. The fiscal deficit will be `19,832.13 crore, which would constitute 2.87 per cent of the GSDP with reduction of borrowings since this is going to set the tune for aggressive growth in the coming years, the FICCI pointed out.The idea to form the Tamil Nadu Infrastructure Development Board (TIDB) with the CM as the chairperson to commence implementation of the new projects and the `1,000 crore allocated to TIDB is commendable and will boost Tamil Nadu’s GSDP, FICCI added.The allocation of `14,552.82 crore for the School Education Department in tandem with the creation of a Special Purpose Vehicle for Tamil Nadu Skills Development Mission will ensure that the further impetus is created in the coming years so that Tamil Nadu continues to showcase availability of skilled manpower as a unique selling proposition when compared to other states in India. The Budget revealed that the manufacturing sector in Tamil Nadu is set to once again become a major driver in the creation of employment and help trigger growth in the service sector, FICCI said.Traders across the State also welcomed the budgetary announcement. The Tamil Nadu Vanigar Sangangalin Peramaippu said the budget has not burdened the traders or the general public. Their Vellore region president Ambur C Krishnan said that it was a big relief that the budget had not imposed any new tax. “The reduction of tax on items like wheat and Compact Fluorescent Lamps (CFL) would help consumers in a big way,” he added. While welcoming the reduction of VAT on Compact Fluorescent Lamps (CFL), Vellore-based traders selling electrical goods pointed out that the move would help the consumers migrate to the cost-effective lamps, which would in turn reduce electricity consumption.
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