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announcement to sanction Rs 1 crore loan for MSMEs

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Considered the hub of fabrication and energy equipment manufacturing, Trichy happens to be one of the hotspots of Micro, Small and Medium Enterprises (MSME) sector.

Finance minister Nirmala Sitharamaran’s announcements for the sector have been appreciated by entrepreneurs here. However, the absence of major expansion plans and new investment proposals in the state-run heavy industries as well in the Tamil Nadu Defence Industrial Corridor has disappointed the ancillary units that depend on the heavy industries for work orders. One of the most welcomed announcements is providing pension benefits to about three crore retail traders and small shopkeepers with an annual turnover of less than Rs 1.50 crore.

As the enrolment is assured to be kept simple, requiring only Aadhaar and bank account, MSME representatives said that the move will benefit traders. “A separate television channel for start-ups will excite entrepreneurs. And announcement to sanction Rs 1 crore loan for MSMEs within 1 hour will help them to grow, and more jobs will be created,” S Pushpavanam, secretary, Consumer Protection Council, Tamil Nadu, said.

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The proposal for launching a payment platform for Ms Mes to enable filing bills and payments was also welcomed by Trichy District Tiny and Small Scale Industries Association (Tiditssia). “We are actually disappointed over the absence of any announcement to expand the state-run heavy industries.

There is no mention about defence industrial corridor as well for which Trichy and other Tamil Nadu cities were selected last year,” N Kanagasabapathy, president, Tiditssia said.

The trade bodies here also welcomed the proposal to provide up to Rs 1 lakh loan for women self help groups (SHG) with interest subvention.

(source : TOI)

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