The Tamil Nadu Industrial Investment Corporation (TIIC) has proposed to advance nearly Rs.1,300 crore for promotion of various types of industries in the State during the current year 2010-11, said A. Mohan, Deputy General Manager, TIIC, Chennai, here on Wednesday.
Of this, nearly Rs. 100 crore has been earmarked for advancing loans for the existing industries and also for starting new ventures, he said.
Speaking at the diamond jubilee celebrations of the TIIC after distributing awards for the existing first generation entrepreneurs of more than two decades and young entrepreneurs who were running the industries successfully by availing loans from the TIIC, Mr. Mohan appreciated the industrialists of Pudukottai district for their prompt repayment of loans to the TIIC.
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He said that the TIIC has earned a profit of nearly Rs. 40 crore after a gap of several years for the year 2009-2010.
TIIC has been providing financial assistance at competitive interest rates for setting up of new industrial units and for expansion, modernisation and diversification of existing industries.
The DGM pointed out that while the TIIC provides assistance to micro, small, medium and large enterprises, about 90 per cent of the assistance is for the micro, small and medium enterprises (MSME) sector of which 40 per cent is for first generation entrepreneurs.
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CA.R. Vivekanandan, Senior Manager of TIIC, Pudukottai, who presided over the function, said that most of the entrepreneurs in Pudukottai district who availed assistance from the TIIC are running their units like modern rice mills, engineering and chemical industries successfully and pointed out that the TIIC has advanced Rs.25 crore last year for the development of industries in the district. He explained in detail about the subsidy provided by the State and Centre for various types of industries.
S. Prithiviraj, president of Pudukottai district Small Scale Industrialists Association, said that there is good scope for starting agro-based industries, plastic industries, food processing, etc. in Pudukottai district. He said that the association is also guiding the new entrepreneurs as to how to start viable units.