The Canara Plastic Manufacturers’ Association has termed the Union Budget for 2014-15 as disappointing.
BA Nazeer, President of the Association, said the Union Finance Minister Arun Jaitley has completely ignored the demands of the MSME (micro, small and medium enterprises) sector for reduction of excise duties and for increasing the excise exemption limit in view of the inflation in cost of goods and services.
The manufacturing sector in MSMEs should have been given a boost by doing this. This would have helped the MSME sector, which is suffering because of the economic slowdown, he said.
Jaitley had advocated an increase in excise exemption limits when he was in the Opposition, Nazeer said.
The announcement of a reduction in income tax rates is a welcome move and the middle-class will benefit from this measure, he said.
An investment allowance reserve of 15 per cent on an investment of ₹25 crore is an investment-friendly measure, he added.