Chennai, Feb 2 (UNI) Tamil Nadu Chief Minister Edappadi
K Palaniswami will soon unveil a new Micro, Small and
Medium Enterprises (MSME) policy, Governor Banwarilal
Purohit informed the State Assembly today.
Delivering his customary New Year address to the House,
he said the MSMEs in Tamil Nadu are not only a nursery
of entrepreneurship, but also provide employment to
large numbers.
Tamil Nadu has 23.60 lakh registered units with a total
investment of Rs.2,73,241 crore providing employment to
1.52 crore persons.
The new MSME policy has been finalised after consultation
with multiple stakeholders and will be released by the Chief
Minister shortly, the Governor said.
He said in order to help MSMEs tide over the COVID-19
pandemic, the Government frontloaded release of different
kinds of subsidies and co-ordinated effectively with banks
and financial institutions to ensure that MSME units in
Tamil Nadu benefit through the Centre's ‘Emergency Credit
Line Guarantee Scheme’ (ECLGS).
To facilitate quick access to loans under the ECLG Scheme
and to provide relief to MSMEs, the Government exempted
payment of Stamp Duty for registration of Agreements
relating to Memorandum of Deposit of Title Deeds (equitable
mortgages) for the period up to March 31 this year.
The Registration Fee was reduced to 0.1 per cent from one
per cent for such agreements for micro and small enterprises.
To further ease access to formal credit, the Government
will amend the Registration Act, 1908 to permit online
registration of Agreements relating to Memorandum of
Deposit of Title Deeds for availing term loans and working
capital loans and do away with the need for the physical
presence of borrowers and lenders for execution of such
deeds, he said.
The Chief Minister personally convened a special State
Level Bankers Committee meeting during the pandemic
to exhort bankers to lend to MSMEs to enable them to
overcome the crisis.
Due to these proactive measures, Tamil Nadu had the highest
availment amongst all States under the ECLG scheme, the
Governor said.
He said the Government will infuse fresh additional capital
of Rs.1,000 crore over three years into the Tamil Nadu
Industrial Investment Corporation (TIIC) to enable it to
function as an effective term lending institution and also
expand lending operations and cover the large number of
MSME units that still do not have access to institutional
credit.
UNI GV 1415