Tamil Nadu MSME Department secures Rs 911.50 cr in state budget

Chennai, Mar 19 (KNN) The Tamil Nadu government has allocated MSME Department Rs 911.50 crore for the upcoming fiscal year of FY22-23.

State Finance Minister Palanivel Thiaga Rajan announced the budget in the State Legislative Assembly in Chennai on Friday.

V. Arun Roy, Secretary of the MSME Department of Tamil Nadu told the media that the budget for the department has increased by almost 48 per cent as against Rs 616 crore for 2021-2022. 

The state government would launch a new “Micro Cluster Development Programme to help micro enterprises’ clusters, said Roy.

For the development of 20 micro clusters, including artificial jewellery making and toy cluster a budget allocation of Rs 50 crore has been announced.

To popularise value-added coir products, Tamil Nadu Coir Business Development Corporation will be established in Coimbatore.

A special fund of ₹100 crore will be created to build the required public infrastructure for export organisations in Tamil Nadu. 

With regards to capital subsidy, an amount of Rs 300 crore has been provided for MSMEs. (KNN Bureau)