District admin wants MSMEs to make use of subsidy

Vellore, Oct 7 (KNN)  In order to boost the MSME sector, the district administration wants the Micro, Small and Medium enterprises (MSMEs) in the district to avail the incentives announced by Chief Minister J Jayalalithaa.

The state government recently enhanced the quantum of capital subsidy rate for MSMEs from 15 per cent to 25 per cent with effect from May-7.

Chief Minister Jayalalithaa had mentioned about a special package of incentives to boost development of MSMEs.

The enhanced rate of 25 per cent on the plant and machinery value would be subject to a maximum of Rs 30 lakh.

According to the District Industries Centre, incentive would be applicable to those units set up after May 7, 2013.

In order to avail the benefits, the new enterprises are required to submit documents to show the date of issue of acknowledgement for the entrepreneur memorandum (part I) by the industries centre, date of placement of order for plant and machinery and date of term loan sanctioned by bank or financial institutions, according to a media report.

Enterprises willing to expand or diversify are also required to submit necessary documents to show date of placement of order for plant and machinery and date of term loan sanctioned.