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Tamil Nadu increases generator subsidy for SMEs to Rs 5 lakh

Chennai, Jan 30 (KNN) Giving a boost to small scale industries in the state, Tamil Nadu Chief Minister J Jayalalithaa has announced a threefold increase in the ceiling on subsidy for setting up electric generators used by the small units in the state from Rs 1.5 lakh to Rs 5 lakh.

The scheme aims at helping MSMEs mitigate the effects of power shortage in the State. The rise in the ceiling will apply to MSMEs installing generators of up to 320 KVA for their industrial needs.

According to an official release earlier this week, she also announced development of infrastructure facilities at the cost Rs two crore at the industrial estate in Malumichampatti of Coimbatore district. The development works include providing infrastructural facilities like formation of new roads, construction of storm water drains, culverts, providing water supply, sewage system, street lighting, and planting saplings.

“Micro, Small and Medium enterprises (MSMEs) play a major role for the economic development and sustainable growth and also create employment opportunities. Hence, the State government under Chief Minister Jayalalithaa has been encouraging these industries by extending sops to them”, the release said.

The statement released on Sunday also listed a number of schemes being implemented for the development of MSME sector in the State, including the Chief Minister’s scheme to encourage the development of first-generation entrepreneurs, the MSME Cluster Development Programme and the programmes implemented by the Tamil Nadu Small Industries development Corporation (SIDCO) and Tamil Nadu Industrial Investment Corporation (TIIC).