TN textile industry elated as budget accords priority to cotton industry

The Tamil Nadu Budget, presented by Finance Minister O.Panneerselvam, has laid considerable emphasis on development of agriculture, cotton industry, MSMEs (micro, small and medium enterprises), and infrastructure sectors.

The proposal for Tamil Nadu Cotton Cultivation Mission to increase cotton product in the state budget 2014-15 would go a long way in achieving self sufficiency in commodity’s production in the state, industry said today.

The Tamil Nadu Cotton Cultivation Mission would be launched with an initial outlay of Rs.50 crore to meet the demand for cotton in TN.

The proposal to develop 53,000 acre of land for industrial development and formation of a special purpose vehicle for implementation of the Madurai-Tuticorin industrial corridor would bring more investment to the region and create employment opportunities for people in southern Tamil Nadu.

Southern India Mills’ Association (SIMA) Chairman T Rajkumar, said that the announcement has come at a right time when textile mills in the state were spending huge sums toward transportation of from upcountry states and selling the cotton yarn in the same markets.
Rajkumar also acclaimed the measures with relating to wind evacuation stating that the textile mills in Tamil Nadu have invested heavily in wind mills.

He expressed hope that the initiative of Chief Minister Jayalalithaa in this direction would greatly benefit the state and industry to have a win-win situation by evacuating cheap power fully.

Welcoming the cotton mission, special package for MSMEs from 2014-15, Tirupur Exporters’ Association (TEA) President A Sakthivel, said that these would help to stimulate the sector’s growth.

Tamil Nadu chapter of CII termed the state budget as a “progressive. Growth oriented”.

CII-Southern Region Chairman, B Santhanam said in a statement that Tamil Nadu budget 2014-15 presented today was a progressive, growth oriented and inclusive budget. The government has given more thrust to social sectors would bring prosperity to the people in the weaker sections of the society.