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NSIC signs MoU with Tamil Nadu Industrial Investment for support mechanisms to MSMEs

Updated: Apr 01, 2022 12:04:02pm
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NSIC signs MoU with Tamil Nadu Industrial Investment for support mechanisms to MSMEs

New Delhi, April 1 (KNN) National Small Industries Corporation (NSIC) and Tamil Nadu Industrial Investment (TIIC), signed a Memorandum of Understanding today in Chennai.

The MoU was signed to cooperate for support mechanisms for MSMEs in the State of Tamilnadu for the defence corridor proposal in facilitating raw materials, finances, e-commerce, and other areas.

TIIC provides financial assistance for purchase of land, machinery and construction of buildings. The purpose could be for setting up new units / expansion / modernization / diversification of existing industries. Assistance is extended to both manufacturing and eligible service sector industries.

It focuses on extension of assistance to Micro, Small, and Medium enterprises (MSMEs), which account for 90% of the total assistance. Further about 40% of the total assistance is availed by first generation entrepreneurs. (KNN Bureau)

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