Tamil Nadu should offset Tasmac revenue loss through industrial growth: Speakers at Coimbatore Tax Summit

COIMBATORE: Tamil Nadu should compensate for the revenue loss from the closure of Tasmac liquor outlets by accelerating industrial development and attracting large investments, said speakers at the inaugural session of the two-day “IPO and Tax Summit 2026” here on Friday.The summit, organised jointly by the Bombay Chartered Accountants’ Society (BCAS) and The Auditors’ Association of Southern India (TAASI), brought together industrialists, entrepreneurs, chartered accountants, tax professionals, startup founders, academicians and students.Addressing the media, BCAS president CA Zubin Billimoria said Coimbatore had emerged as one of India’s fastest-growing entrepreneurial and industrial centres, with strong sectors in manufacturing, engineering, textiles, healthcare, exports, IT and startups. He said many MSMEs and family-run businesses in the region were now looking at structured growth, institutional investments, governance reforms and IPO opportunities.TAASI president CA S Venkatesh said Coimbatore was moving beyond traditional industries towards global growth, with companies showing interest in IPOs, international expansion, restructuring and succession planning. He said awareness of Foreign Exchange Management Act (FEMA), GST, direct taxation, private trusts, governance and IPO preparedness had become essential.Speaking on the economy and governments, he said, “The move to close Tasmac liquor outlets is welcome. The resulting revenue loss can be compensated through industrial development and economic growth.”He added, “Any govt that increases free welfare schemes excessively may face economic challenges. Instead, the govt should focus on strengthening industries.”