MSMEs in TN seek Rs 2,000 crore relief window

Chennai, Apr 30 (KNN) Micro, Small and Medium Enterprises (MSMEs) in Tamil Nadu have urged Union Finance Minister Nirmala Sitharaman to offer a Rs 2,000 crore ‘relief window’ to help them.

In a letter to Sithraman, the Southern India Chamber of Commerce and Industry (SICCI), President, R Ganapathi said, ''State investment agencies like Tidco, Sipcot, Sidco and TIIC may be permitted to support the small industries in the state through a special window that could be created by SIDBI with a refinance option with Reserve Bank of India with a back stop.”

“At least Rs 2,000 crore needs to be set aside on soft terms for the revival of the industry,” he added. 

SICCI president further said that the MSME sector in Tamil Nadu went into this crisis from a low and is struggling for its survival adding that “Tamil Nadu is the MSME engine of India and a big portion of the state’s workforce is committed to this sector.''

Ganapathi also drew the minister’s attention on the need to create a “special startup fund” for IIT Research Park and requested Sitharaman to set aside Rs 25 crore for the special startup fund.