Tamil Nadu announces sops for Coimbatore units

Last Updated: Fri, Dec 07, 2012 21:00 hrs

pTamil Nadu government has announced sops for industries in CoimbatoreppThe city which houses thousands of small and medium enterprises is facing power crisis These sops would cost around Rs 97 crore to the state exchequer according to an official release here on FridayppThe sops include cut in VAT on gensets to five per cent from 145 per cent reducing margin money on loans provided by Tamilnadu Industrial Investment Corporation Limited for gensets to 10 per cent from 20 per cent and also extending VAT exemption on furnace oil from October 1 2012 retrospective effect to May 31 2013ppJ James president of Tamil Nadu Association of Cottage and Micro Enterprises Association said the units were facing 14 hours power cutppCoimbatore is known as one of the largest engineering hubs in the country where components for biycle to aircraft are manufactured At one time there were around 50000 units but in the last one year around 5500 units had closed shops and lakhs of people have lost their jobsp

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