Madurai

TN Chamber welcomes concessions given to startups

The Tamil Nadu Chamber of Commerce and Industry has welcomed the State government’s initiative to help startups in the State. The package of concessions announced for startups would ease the entry barriers faced by them, the Chamber said.

In a press release issued on Saturday, the Chamber president N. Jegatheesan said that the startups face many entry barriers because the Departments and public sector undertakings impose certain restrictions.

The restrictions include the earnest money deposit, prior turnover condition, prior experience condition etc. Many startups struggle in the early stages because of a lack of market for their products, he said.

The State government has announced concessions that includes exemption from payment of the earnest money deposit, prior turnover condition, prior experience and waiver of tender cost to registered startups.

StartupTN launched the first edition of TANSEED 2021 during January-February, 2021 and supported 10 promising startups with a seed grant of ₹10 lakh each. The second edition for July-September 2021 will support 20 start-ups with seed grants of ₹10 lakh each.

“Due to various concessions announced by the government, this will be an opportunity for the revival of small and micro enterprises in our State during this crisis. The decision of the State is welcome”, the Chamber president said.


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Printable version | Sep 22, 2021 8:58:43 AM | https://www.thehindu.com/news/cities/Madurai/tn-chamber-welcomes-concessions-given-to-startups/article35511915.ece

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