Credit and Finance for MSMEs: To support the MSME sector, Chief Minister MK Stalin launched the Tamil Nadu Credit Guarantee Scheme (TNCGS) to provide financial aid to micro, small and medium enterprises (MSMEs). The scheme will reduce the need for collateral to get loans for the sector, according to The New Indian Express (TNIE) report. 

The state also launched a new public sector enterprise the Tamil Nadu Coir Business Development Corporation and introduced four coir clusters in Tiruppur. Besides, home textiles would be brought under the thrust sector to promote the growth and development of the sector, announced the Chief Minister, as per the TNIE report. 

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“I received petitions and representations from various home textile units seeking financial assistance and subsidies. The sector produces goods worth Rs 10,000 crore and exports account for more than Rs 4,000 crore,” said Stalin, addressing the delegates at the regional MSME meet. 

After due consideration of the represensations, the state government decided to bring home textiles under thrust sector to help the units avail special capital subsidy.

“Apart from this, the government is taking steps to facilitate growth of MSME sectors. Under the single window system, we received more than 10,555 applications, of which 9,212 applications have been cleared. Further, export facilitation centres will be set up in every district,” assured Stalin. 

He also announced the launch of Tamil Nadu Trade Receivables Discounting System (TNTReDS), an Enterprise Resource Planning platform (ERP) to get all Tamil Nadu PSUs, statutory boards, corporations and apex cooperatives together on the bill discounting platform. 

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Lauding the government’s push for industrial growth, the Chief Minister said over 221 MOUs have been signed in the last 15 months which attracted investment of over Rs 2.2 lakh crore that would create more than three lakh jobs. Out of this, 49 are MSMEs that have made investments of Rs 1,300 crore and generated 1,909 jobs, stated Stalin.