55 MSMEs Begin Commercial Production Spurred by GIM

Within 1 month of signing MoUs, companies with investment of `46 crore open shop

Published: 09th October 2015 04:38 AM  |   Last Updated: 09th October 2015 04:42 AM   |  A+A-

VELLORE:  Over 55 Micro, Small and Medium Enterprises (MSMEs), with an investment of `43.82 crore and a subsidy of Rs 1.96 crore from the government, MoUs  (memorandum of understanding) which were signed during the recent Global Investors’ Meet (GIM)with the State Government, have commenced their manufacturing and production.

Officials of the District Industries Centre (DIC) said that a total of 495 MSMEs have entered into a pact with the government. They expressed their intent to invest to the tune of `984.06 crore to establish manufacturing industries such as leather and leather-allied products, textile industries and service industries.

Of the remaining, as many as 235 units will commence production within the next 12 months (from the date of Global Investors’ Meet) with an investment of `219.06 crore and 161 MSMEs will start their production within a 24 month period with investment to the tune of `364.01 crore.

“The MoUs were signed with the aim of encouraging domestic entrepreneurs and improving the manufacturing and service sectors. It was also aimed at improving the Gross Domestic Product (GDP) and create employments for the rural youth,” said General Manager of DIC, T Ramesh.

Principal Secretary (MSME Department) to the Government Tamil Nadu Jagmohan Singh Raju convened a meeting to address issues faced by entrepreneurs, who signed the MoUs with the government, on Wednesday at the Vellore Collectorate. The senior officials instructed the district administration and DIC to take necessary steps to help MSMEs to commence commercial production within the stipulated period.

Officials of DIC have been facilitating the MSMEs to avail loans from the nationalised banks and also expediting procedures to obtain approvals from various departments - Fire, Health, Industrial Safety and Health, Pollution Control Board and TANGEDCO.  “We have taken steps to acquire land from SIDCO/SIPCOT for 123 MSMEs that signed the MoUs, besides taking measures to facilitate 312 MSMEs to avail loans for their venture,” Singh added.

The State Bank of Travancore has also opened an exclusive centre dedicated to serving the needs of the MSMEs and arranging loans for them.

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