The Salem District Small Scale and Tiny Industries’ Association said they were upset with the Union Budget.
In a release, the organisation said that the sector had high hopes on the budget but except for an allocation of ₹15,700 crore no other incentives has been announced for the sector. The organisation said that increase of customs duty on cotton and silk yarn would affect the textile industry. The organisation appreciated various infrastructure projects announced for Tamil Nadu. However, the organisation expressed shock over proposals to increase foreign direct investments in insurance companies, divestments in Life Insurance Corporation, IDBI bank and proposal to privatise two public sector banks and a general insurance company. The organisation said the move would affect economic growth of the country.
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