CHENNAI: Tamil Nadu has recorded a fivefold surge in registered startups over the past five years, crossing 13,000 ventures, Finance Minister Thangam Thennarasu announced while presenting the Interim Budget, allocating Rs 1,943 crore for the MSME Department to further boost entrepreneurship and innovation.
Presenting the Interim Budget in the State Assembly, Finance Minister Thangam Thennarasu underscored Tamil Nadu’s rapid transformation into one of India’s leading startup and innovation hubs. He stated that the number of registered startups in the State has increased five times in the last five years, surpassing the 13,000 mark and continuing to grow steadily.
Highlighting the government’s sustained efforts to strengthen the entrepreneurial ecosystem, the Minister announced an allocation of Rs 1,943 crore for the Micro, Small and Medium Enterprises (MSME) Department in the Interim Budget Estimates. The allocation aims to provide financial support, infrastructure development, and policy backing to MSMEs and startups across the State.
Tamil Nadu Startup and Innovation Mission (TANSIM), several focused initiatives are being implemented to nurture innovation. Flagship schemes such as the Tamil Nadu Startup Seed Fund (TANSEED) and the Space Technology Fund are extending critical early stage funding support to emerging entrepreneurs.
In addition, steps are being taken to establish a dedicated ‘Fund of Funds’ to improve access to growth capital for startups at various stages.
The Finance Minister also noted that the Global Startup Summit held recently in Coimbatore was a resounding success, attracting participation from more than 150 leading companies worldwide, further strengthening Tamil Nadu’s position on the global startup map.
He reiterated the government’s commitment to fostering innovation - led economic growth and generating employment opportunities across sectors.