Tamil Nadu

TN Budget: Technology hub, start-up hub centre to be set up in Chennai

Photograph used for representational purposes only

Photograph used for representational purposes only

The Tamil Nadu government will set up an i-Tamil Nadu Technology (iTNT) hub at a cost of ₹54.61 crore in Chennai. This centre will coordinate efforts to use technology to solve complex challenges in the State, Finance Minister Palanivel Thiaga Rajan said in the State Legislative Assembly on Friday.

The government has formulated a comprehensive strategy to develop a conducive start-up eco-system in the State, he said. “The government will contribute ₹50 crore to the Emerging Sector Seed Fund for making equity investments in Tamil Nadu based start-ups. Further, this fund will be used to leverage capital from institutional investors.”

The Tamil Nadu Startup and Innovation Mission (TANSIM) would set up Regional Start-up Hubs in Erode, Madurai and Tirunelveli to ensure the development of the start-up eco-system in all regions across Tamil Nadu. An iconic State Start-up Hub Centre with all facilities will be established by the Tamil Nadu Industrial Development Corporation (TIDCO) at Nandambakkam, Chennai at an estimated cost of ₹75 crore, he said.

To support the start-ups based in Tamil Nadu, government departments and public sector undertakings would be allowed to do direct procurement of innovative manufactured products up to ₹50 lakh, the Minister said.

A corpus of ₹30 crore will be provided to TANSIM to support start-ups by Scheduled Caste and Scheduled Tribe (SC and ST) entrepreneurs.

“In order to encourage entrepreneurs from SC and ST communities, 5% of all divisible procurement by Government and Governmental agencies shall be reserved for products manufactured by Tamil Nadu-based SC and ST entrepreneurs,” the Minister said.

Our code of editorial values

Related Topics
  1. Comments will be moderated by The Hindu editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

Printable version | Mar 18, 2022 4:24:12 pm | https://www.thehindu.com/news/national/tamil-nadu/tn-budget-technology-hub-start-up-hub-centre-to-be-set-up-in-chennai/article65237337.ece