TN Government Inks MoUs Worth Rs 5,567 Crore

In preparation for the upcoming Global Investors Meet in January, the Micro, Small, and Medium Enterprises (MSME) department of the Tamil Nadu government inked 293 Memorandums of Understanding (MoUs) on Wednesday. The agreements are set to usher in investments totaling Rs 5,567 crore across various sectors, including auto components manufacturing, aerospace and defense equipment, electronic gadgets, IT equipment, and trading in the Chennai region.

This milestone follows closely on the heels of the department's recent signing of MoUs aimed at attracting a combined investment of Rs 6,693 crore in food processing, leather, and readymade garments in the Kancheepuram and Chengalpet districts.

Speaking at an Investors' Conclave in the city on Wednesday, MSME Minister T M Anbarasan highlighted that these investments are poised to generate direct employment opportunities for 26,477 individuals. Anbarasan stated, "Against our target to attract investments of Rs 4,368 crore from MSMEs for Chennai, we have successfully executed MoUs for Rs 5,567 crore."

Emphasizing the implementation of five categories of self-employment schemes, Anbarasan noted that 30,981 graduates have ventured into entrepreneurship since the current government assumed office. The minister further disclosed that graduates-turned-entrepreneurs received bank loans amounting to Rs 3,890 crore, accompanied by a subsidy of Rs 1,099 crore.

"Tamil Nadu takes pride in being the first state to implement the credit guarantee scheme for security-free loans to MSMEs. To date, 25,348 entrepreneurs have secured Rs 3,477 crore in bank loans with a government guarantee of Rs 410.8 crore," stated Anbarasan.

He also announced the launch of 'Single Window 2.0' designed to streamline approvals for entrepreneurs, offering a comprehensive array of 163 services. Out of the 26,480 applications received, 24,117 have received approval, he added.

Highlighting the state's commitment to fostering MSMEs, Anbarasan shared plans for the inauguration of eight industrial estates spread over 519 acres and the imminent introduction of industrial complexes comprising 264 workstations in Guindy, Ambattur, and Salem.