Stalin rolls out programs for MSMEs, plans to support entrepreneurship development

Image source: PTI MK Stalin inaugurated the “School Innovation Development Project of the Entrepreneurship Development Innovation Institute” (EDII).

Strong points

  • Stalin launched the CARE (Covid Assistance and Relief to Entrepreneurs) program for MSMEs.
  • Under the TNCGS, Rs 20.13 crore is the loan disbursement to 81 MSMEs.
  • Stalin launched an online program for units of the state-run Small Industries Development Corporation.

Tamil Nadu Chief Minister MK Stalin here on Friday inaugurated new programs for the growth of micro, small and medium enterprises and a plan to encourage the development of entrepreneurship. Chairing the southern regional meeting of MSMEs here, Stalin inaugurated micro-clusters in southern Tamil Nadu, as part of efforts to secure sustainable employment opportunities in semi-urban and rural areas. He inaugurated the Toy Group at Vilacheri here, for Hyacinth at Thoothukudi, and the Women’s Weaving Group at Virudhunagar, involving a total government grant of Rs 9.05 crore.

Stalin launched the CARE (Covid Assistance and Relief to Entrepreneurs) program for MSMEs. As part of a loan/grant initiative, he presented a check for Rs 8.80 lakh to a beneficiary, marking the launch of the new scheme. It has provided loan assistance of Rs 64.38 lakh to four beneficiaries under the State Government Credit Guarantee Scheme (TNCGS) and a scheme of TN Industrial Co-Operative Bank (TAICO Bank). So far, under the TNCGS, Rs 20.13 crore is the loan disbursement to 81 MSMEs. The credit guarantee program was launched by Stalin last month.

A Memorandum of Understanding has been signed between the state government (FaMe-Facilitating MSMEs-Trade and Investment Promotion Bureau) and the Indo-American Chamber of Commerce to train MSMEs in Industry 4.0 technologies. In order to encourage reflection on innovation-entrepreneurship among high school students, he inaugurated the “School Innovation Development Project of Entrepreneurship Development Innovation Institute” (EDII).

In the first phase (2022-2023), innovation/entrepreneurship awareness programs would be organized for about 1.56 lakh students in grades 9 to 12 in public and government-subsidized schools, in more than more than 3,000 teachers. The program involves cash prizes ranging from Rs 25,000 to Rs 1 lakh for groups of students, who present the top 40 innovative proposals on entrepreneurship.

It awarded state-level best performance awards to five companies and three PSU banks for extending improved credit facilities to MSMEs. It inaugurated the online registration system of the memorandum of deposit of the title deed and the equitable mortgage. This decision is intended to help beneficiaries and bank officials, as they will not be required to spend time on physical registration.

So far, registrations are made at the office of the Deputy Registrar when the loans are used and also when repaying for cancellation. About 6.5,000 beneficiaries, including MSMEs, would benefit. It launched an online program for units of the state-run Small Industries Development Corporation (SIDCO) to avail 12 types of services, including a no-objection certificate to apply for bank credit.

The Chief Minister has inaugurated joint amenity buildings at SIDCO industrial estates in Karur and Ramanathapuram districts at a project cost of Rs 2.83 crore. It has published the “Compendium of government programs for MSMEs-2022”. State ministers including Tha Mo Anbarasan (MSME) and senior officials attended the event.

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