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CHENNAI: Ahead of the Global Investors Meet (GIM) in January, the MSME department of the Tamil Nadu government on Wednesday signed 293 MoUs to bring in investments of 5,567 crore. The investments will be made across sectors such as auto components manufacturing, aerospace and defence equipment, electronic gadgets, IT equipment and trading in the Chennai region.

The development comes days after the department signed MoUs to attract a collective investment of 6,693 crore in food processing, leather and readymade garments in Kancheepuram and Tiruvallur districts.

Addressing an Investors’ Conclave in the city on Wednesday, MSME minister T M Anbarasan said the investments will generate direct employment for 26,477 people.

“Against our target to attract investments of 4,368 crore from MSMEs for Chennai, we have executed MoUs for 5,567 crore,” Anbarasan said.

Noting that five categories of self-employment schemes are being implemented, Anbarasan said 30,981 graduates have become entrepreneurs since the present government took over.

‘Bank loans of Rs 3.8k cr given to graduates’
MSME minister T M Anbarasan said the investments signed in Chennai will generate employment opportunities for 26,477 persons. He noted that graduates, who have become entrepreneurs, were given bank loans of Rs 3,890 crore along with a subsidy of Rs 1,099 crore

“Tamil Nadu is the first state in implementing the credit guarantee scheme for security-free loans to MSMEs. So far, 25,348 entrepreneurs have got Rs 3,477 crore as bank loans with government guarantee of Rs 410.8 crore,” said the minister. The government has launched ‘Single Window 2.0’ to ease approvals for entrepreneurs. It offers 163 kinds of services. Of the 26,480 applications received, 24,117 have been approved, he said. Eight industrial estates in 519 acres in the state cater to MSMEs; soon industrial complexes comprising 264 work stations would be inaugurated in Guindy, Ambattur and Salem, the minister said.

  • Published On Nov 30, 2023 at 07:56 AM IST

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