CHENNAI: Chief Minister M K Stalin on Tuesday launched the Annal Ambedkar Business Champions scheme, which offers up to 35% capital subsidy on plant and machinery, for small business owners from Scheduled Caste (SC) and Scheduled Tribe (ST) communities.
At an event held at the trade center in Nandambakkam in Chennai on International Micro, Small and Medium Enterprises (MSME) Day, Stalin handed over the order sanctioning funds to 100 entrepreneurs for a cumulative value of Rs 18.94 crore. A total of 127 individuals have been selected under the scheme so far. Beneficiaries can get 6% interest subvention for a period of 10 years under the scheme.
Speaking to TNIE, V Arun Roy, MSME department secretary, said apart from manufacturing, entrepreneurs involved in service and trading are also eligible under the scheme and a maximum subsidy of Rs 1.5 crore each will be awarded.
The state government announced the scheme in the 2023-24 budget and allocated Rs 100 crore for it. Given the average ticket size, 400 more people will be selected and funds will be disbursed in two installments to them by next March, officials said.
A committee headed by district collectors will evaluate and select the entrepreneurs. The state also has schemes such as Unemployed Youth Employment Generation Program implemented by the MSME department and dedicated allocation for SC/ST entrepreneurs under Startup TN scheme.
Government is taking short, mid and long term steps for MSME growth: CM
Speaking at the event, Stalin said the scheme has been introduced to ensure social justice in industrial growth. The government is taking short, mid and long term steps for the growth of the MSME sector under the recommendation of the N Sundaradevan committee, Stalin said.
The CM also inaugurated three new industrial estates at Kodur in Chengalpattu, Manapparai in Tiruchy, and Sakkimangalam in Madurai district built at a total cost of Rs 153.22 crore. He also opened the first micro cluster at Kadampuliyur in Panruti, Cuddalore district, under the micro cluster development scheme.
A common facility to process cashew was established with an outlay of Rs 2.16 crore with Rs 1.81 crore subsidy from the government. CM said steps are being taken to establish a mega pharmaceutical cluster in Tindivanam and precision engineering cluster at Thirumudivakkam and a detailed project report is being prepared for establishment of smart mobility and electric vehicle cluster and space and defence cluster. A total of 100 MoUs were signed between MSMEs and FaMe TamilNadu, a MSME trade and promotion body, at the event. MSME minister TM Anbarasan and senior officials were present.
CM inaugurates three industrial parks
CM also inaugurated three new industrial estates at Kodur in Chengalpattu, Manapparai in Tiruchy, and Sakkimangalam in Madurai district built at a total cost of Rs 153.22 crore. He also opened the first micro cluster at Kadampuliyur in Panruti, Cuddalore district, under micro cluster development scheme