Tamil Nadu will see ₹5567 crore of investments by the Micro, small, and medium enterprises (MSMEs) in the Chennai region as the state government aggressively promotes new investments by conducting roadshows across cities and districts.
The state government on Wednesday signed proposals to attract total investments of ₹5566.92 crore from 293 MSMEs representing auto parts, defence, electronics, and IT among other industries, operating in the Chennai district. This total investment is higher than the target of ₹4368 crore set for the district, TM Anbarasan, MSME Minister, Tamil Nadu government said in an official statement.
The proposed investments by the Chennai District are expected to create job opportunities for 26,447 people.
Highlighting various measures initiated for the MSMEs in the state, the Minister said the state government has been implementing a credit guarantee Scheme to provide collateral-free loans to MSMEs. To date, 24,348 MSME entrepreneurs have been given ₹3477.72 crore loan, with a guaranteed amount of ₹410.78 crore.
Tamil Nadu Trade Receivables and Discount Platform - Tamil Nadu-TReDS has been set up to enable MSMEs to submit their invoices to banks and get quick loans. Under this, ₹1289.22 crore has been provided against 6,900 invoices of micro, small, and medium enterprises.