FM pitches for uninterrupted quality power to industries

 

CHENNAI:
Union Finance Minister Nirmala Sitharaman has urged the state to to ensure uninterrupted, quality supply of power is made available to industries at reasonable rates enabling them to grow their businesses.

Speaking at the Stakeholder's Outreach Programme organised by the Directorate General of Foreign Trade on the occasion of India signing a Comprehensive Economic Partnership Agreement with the United Arab Emirates and the Economic Cooperation Trade Agreement (ECTA) with Australia, the Finance Minister said that this does not pertain to Tamil Nadu alone but also to other states in ensuring quality power is made available 24X7 in all 365 days.

Delivering her speech interspersed in Tamil and English, Sitharaman said every stakeholder should work towards ensuring uninterrupted power supply so that 'power shortage' does not occur since it poses a major hurdle for the industry's growth.

Stressing on the need to translate the benefits of FTA in Tamil language, the Union Finance Minister also urged TM Anbarasan, minister for Rural Industries, Cottage Industries, Small Industries, Slum clearance board who took part in the event to share the policy paper on MSMEs released by Chief Minister M K Stalin. She said that  it will be reviewed by the Centre through Commerce Ministry to check for overlapse so that the recommendations could be used as actionable points so that there is a synergy between state and Centre and steps taken by the state are adequately leveraged by the Union government.

On the plight of Cotton and yarn shortages, Sitharaman said that the Commerce Ministry has called for a meeting on May 16 to resolve the issue.

The Finance Minister also said that India was looking at tapping new markets for import of edible oils, following the conflict between Ukraine and Russia. She said the conflict has given an opportunity for industrialists to tap other  markets for exports from India.

Sitharaman said that businesses should come forward and make use of the benefits CEPA and ECTA so as to further boost trade between the countries. Director General of Foreign Trade Santosh Kumar Sarangi said India was the second largest trading partner for UAE while UAE was the third largest trading partner for India. He said as per the agreement immediate market access at zero duty accounting for 90 per cent of India's exports in value terms was available to UAE and immediate duty free in labour incentive sectors such as gems and jewellery, textiles and apparels, leather and footwear. Tamil Nadu's total exports to UAE is USD 1420.5 million (April 2021 to Feb 2022) while to Australia is USD 349.7 million.

Meanwhile, Union Minister of State for Commerce Anupriya Patel, who was also present, said that India is likely to sign new Free Trade agreements with United Kingdom, European Union and Canada later this year. The minister also said that country's trade clocked USD 675 billion on exports while merchandise exports accounted for USD 419 billion last year.