States »SoutPosted at: Aug 13 2021 3:04PM TN govt to launch state level credit guarantee scheme for MSMEs
Chennai, Aug 13 (UNI) The Tamil Nadu government will launch a
State Level Credit Guarantee Scheme (SLCGS) to enable more
Micro, Small and Medium Enterprises (MSMEs) to access credit.
Presenting the budget in the State Assembly today, Finance
Minister Palanivel Thiagarajan pointed out that a committee
chaired by retired IAS officer Dr.N.Sundaradevan has been
established to study the financial, infrastructural and other
issues faced by MSMEs in Tamil Nadu and suggest measures
to enable them to thrive.
He said the DMK Government will launch a State Level Credit
Guarantee Scheme to enable more MSMEs, particularly micro
enterprises to access credit.
A digital data driven credit rating system for MSMEs will be
established to enable FIs and new age fintech companies to
lend more to MSMEs based on their business potential, he
said.
Mr Palanivel Thiagarajan said the TAICO Bank will be repurposed
to enable lending to MSMEs. The Government will handhold MSMEs,
which want to raise equity capital from stock exchanges, and the cost
of listing, up to Rs.30 lakhs will be borne by the Government.
The Government, based on advice received from the Economic
Advisory Council to Chief Minister M K Stalin, will launch an
innovative scheme wherein MSMEs and their creditors, will be
facilitated to reach agreement on restructuring their liabilities.
To ensure that MSMEs have faster channels for realization of
their dues, all State Public Sector Undertakings, Statutory
Boards, Municipal Corporations and apex co-operatives will
be mandated to join the Trade Receivables and Discounting
Platform (TReDs).
Five mega clusters in Pharmaceutical, Petro Chemicals, Precision
Manufacturing, Defence and Aerospace, and Smart Mobility sectors
will be established at a cost of Rs.100 crore each.
TANSIDCO will also establish land banks at five places over a
total extent of 265 acres. The pricing policy of unsold plots
in TANSIDCO Industrial Parks will be rationalized to ensure
they are put to beneficial use early.
The Minister also announced that the state Government will
formulate a Sustainable Mining Policy to ensure that mining
activity is carried out without affecting the environment
and the ecology.
A Green Fund will be created based on the levy of the green
seignorage cess to ensure that abandoned quarry sites are
appropriately secured and restored.
A Fossil Geological Park will also be developed in Ariyalur
and Perambalur districts at a cost of Rs.10 crore, he said.
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