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Companies that singed MoUs at Global Investors Meet are commencing production, says Minister

INDCompanies that singed MoUs at Global Investors Meet are commencing production, says Minister

Tamil Nadu’s Micro, Small and Medium Enterprises Department signed a slew of memoranda of understanding at the Global Investors Meet (GIM) 2024, which was organised by the DMK government in January this year. And, within five months, many of these units have started production, Minister for Micro, Small and Medium Enterprises T.M. Anbarasan said in the Assembly on Friday.

“MoUs were signed for a cumulative investment of ₹63,573.11 crore by 5,068 MSMEs and for generation of jobs for 2.5 lakh persons. In the last five months, 1,277 MoU signatories invested ₹13,003.16 crore and commenced production, creating employment for about 46,000 persons,” he said.

The Minister said a committee of higher officials would be formed to follow up on the implementation of the MoUs signed at the GIM. He said that to encourage the micro, small and medium enterprises to employ persons with disabilities, it was proposed to extend the payroll subsidy to all new manufacturing units that filled over 25% of their workforce with persons with disabilities, subject to a ceiling of ₹24,000 per person with disabilities per annum, for the first three years.

A Kalaignar Credit Assistance Scheme would be launched for micro manufacturers to have an easy access to a credit of up to ₹20 lakh through Tamil Nadu Industrial Co-operative Bank at a rate of 7% as against the existing 10% per annum. The outlay for the scheme would be ₹100 crore. Mr. Anbarasan said the units running on an investment of ₹5 crore and above and making sustainable products would be placed in the thrust sector category to make them eligible for capital subsidy, irrespective of their location.

The Minister said the Chennai region of the Micro and Small Enterprise Facilitation Council would be bifurcated into Chennai and Vellore region councils and the Madurai region of the council would be bifurcated into Madurai and Thoothukudi councils.

He said 1,000 battery-operated tea harvesting machines would be procured for all 16 ICTFs in the Nilgiris district, at a cost of ₹1.60 crore, under the Special Area Development Programme. This would help to improve the quality of green tea leaves supplied by members of the INDCO Tea Factories and tide over labour shortage.

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