Tamil Nadu CM Stalin launches Credit Guarantee Scheme for MSMEs

Tiruppur, Aug 26 (KNN) Addressing the financial distress of MSMEs, the Chief Minister of Tamil Nadu MK Stalin launched the Tamil Nadu Credit Guarantee Scheme (TNCGS) on Thursday.

He also unveiled the Tamil Nadu Coir Business Development Corporation and four coir clusters in Tiruppur.

For the further growth and development of the textile sector CM Stalin announced that it would be brought under the thrust sector.

The Tamil government had received petitions and representations from various home textile units seeking financial assistance and subsidies, he informed the delegates addressing a regional MSME meet.

“The sector produces goods worth Rs 10,000 crore and exports account for more than Rs 4,000 crore. After considering their representation, the government has decided to bring home textiles under thrust sector, which will help the units avail of special capital subsidy,” said the CM.

Further he said that under the single window system, the state government received more than 10,555 applications, of which 9,212 applications have been cleared.

He also announced the launch of Tamil Nadu Trade Receivables Discounting System (TNTReDS) — an ERP platform enabling all State-owned enterprises, statutory boards, corporations.  (KNN Bureau)