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Tiruppur Export Association welcomes Rs 1,224 crore budget allocation

The Tiruppur Export Association (TEA) has welcomed the Budget allocation of Rs 1,224 crore to the development of handlooms and textiles businesses in Tamil Nadu. The association welcomed the expanding of benefits available under Prime Minister’s Employment Generation Programme (PMEGP) and the Unemployed Youth Employment Generation Programme (UYEGP). The budget also enhanced the existing project size limit of Rs 10 lakh to Rs 15 lakh and eligible subsidy under the scheme to Rs 2.5 lakh. The provision for this scheme has been enhanced to Rs 33 crore in the Budget estimates 2020-21.

The budget also allocated Rs 500 crore for environmental clearance under the Athikadavu-Avinashi irrigation scheme. Interest subvention under the Technology Upgradation Scheme and the Credit Guarantee Fund Trust scheme has been increased from 3 per cent to 5 per cent. He appreciated enhancing of the maximum capital subsidy under the NEEDS scheme from Rs 30 lakh to Rs 50 lakh and the Rs 100 crore fund allocation for this scheme in the Budget estimates 2020-21. Reduction in stamp duty for rental agreements under the new Tenancy Act to 0.25 per cent from 1 per cent and registration charges on such agreements to 0.25 per cent from 1 per cent subject to a maximum of Rs 5,000 was also seen as a welcome move.

 
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