Tamil Nadu

State lays out plan to help MSMEs

The government has also extended the registration deadline for the memorandum of deposit till December.  

Tamil Nadu Chief Minister M.K. Stalin on Tuesday announced a few measures to help the micro, small and medium enterprises overcome some of the challenges posed by the lockdown.

“At the meeting, the industrial sector raised certain concerns. The Chief Minister was sympathetic towards the concerns, and has announced these measures,” MSME Secretary Mangat Ram Sharma told The Hindu.

He said the State government would immediately release 60% (₹168 crore) of the ₹280 crore sanctioned for granting capital subsidies to these units this fiscal. All eligible units would get the capital subsidy. The government extended the timeline for registration of the memorandum of deposit without penalty till December to help these units get bank loans. The window was earlier extended until March this year.

The validity of all statutory licences, including those from the Tamil Nadu Pollution Control Board and the Departments of Fire, Labour and Industrial Safety that were to expire between May and September this year would be extended till December.

The government also extended by nine months the exemption of the industries from the condition that they make a minimum investment of 25%, resulting in a 25% increase in the products. The relaxation granted earlier was only till March 31.

Back-ended interest subsidy (BEIS) at the rate of 5% would be released immediately for loans obtained under the Credit Guarantee Fund Trust for Micro and Small Enterprises and the Technology Upgradation Scheme.

Faster allotment

The allotment of SIDCO plots would be fast-tracked. The deadline for payment of rents for plots and industrial sheds in the SIDCO Industrial Estates was extended by six more months.

The State government would organise vaccination camps at SIDCO Industrial Estates and industrial cooperative societies in every district for over 1 lakh workers aged above 45. The government had also exempted auto-rickshaw and taxis from road tax for three months. It would also urge the Reserve Bank of India to grant a grace period to those owning autorickshaws and taxis for payment of EMI.

The State would urge the Centre and the Insurance Regulatory and Development Authority to grant a grace period to those owning autorickshaws and taxis for payment of premium. Instead of releasing the capital subsidy in three instalments, the government would release them at once.


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Printable version | Jun 25, 2021 4:46:32 PM | https://www.thehindu.com/news/national/tamil-nadu/state-lays-out-plan-to-help-msmes/article34538312.ece

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