Budget 2022: Industries in TN expecting higher production linked incentives

CHENNAI: Tamil Nadu's industries are anticipating increased production-linked incentives in the Union Budget 2022, which Finance Minister Nirmala Sitharaman will announce on Tuesday.

Renewable energy, electric vehicles, and electric components are among the industries that the industry expects to grow. According to industry insiders, increasing the Production Linked Incentive (PLI) will assist businesses, notably car component manufacturers with a large market position, in transitioning to electric vehicles.

For a period of at least two years, Gireesh Pandian, President, Industrial Estate Manufacturing Association, Guindy, wants the Union finance minister to waive bank interest for MSME and firms with less than Rs 5 crore annual sales. He also stated that quick implementation of infrastructure projects is critical, and that industry requires a push in infrastructure from the Indian government, which he expects to be announced in Nirmala Sitharaman's Union Budget.

He says that the Chennai-Kaniyakumari Industrial Corridor (CKIC) project has yet to take shape, despite the fact that it is expected to provide a large number of job possibilities, and he wants the Union government to push for it.

The Confederation of Indian Industries (CII) is anticipating an announcement in the Union Budget for a food processing park and a textile park in the state. It also expects the Input Tax Credit to be reinstated as construction costs rise.

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