State lays out plan to help MSMEs

Tamil Nadu Chief Minister M.K. Stalin on Tuesday introduced just a few measures to help the micro, small and medium enterprises overcome a number 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 advised The Puucho.

He stated the State authorities would instantly launch 60% (₹168 crore) of the ₹280 crore sanctioned for granting capital subsidies to these models this fiscal. All eligible models would get the capital subsidy. The authorities prolonged the timeline for registration of the memorandum of deposit with out penalty until December to help these models get financial institution loans. The window was earlier prolonged till March this yr.

The validity of all statutory licences, together with these from the Tamil Nadu Pollution Control Board and the Departments of Fire, Labour and Industrial Safety that had been to expire between May and September this yr could be prolonged until December.

The authorities additionally prolonged by 9 months the exemption of the industries from the situation that they make a minimal funding of 25%, leading to a 25% improve within the merchandise. The rest granted earlier was solely until March 31.

Back-ended curiosity subsidy (BEIS) on the fee of 5% could be launched instantly for loans obtained below the Credit Guarantee Fund Trust for Micro and Small Enterprises and the Technology Upgradation Scheme.

Faster allotment

The allotment of SIDCO plots could be fast-tracked. The deadline for fee of rents for plots and industrial sheds within the SIDCO Industrial Estates was prolonged by six extra months.

The State authorities would organise vaccination camps at SIDCO Industrial Estates and industrial cooperative societies in each district for over 1 lakh staff aged above 45. The authorities had additionally exempted auto-rickshaw and taxis from street tax for 3 months. It would additionally urge the Reserve Bank of India to grant a grace interval to these proudly owning autorickshaws and taxis for fee of EMI.

The State would urge the Centre and the Insurance Regulatory and Development Authority to grant a grace interval to these proudly owning autorickshaws and taxis for fee of premium. Instead of releasing the capital subsidy in three instalments, the federal government would launch them without delay.