Allotted double than previous regime to MSMEs: CM Stalin

CHENNAI: Chief Minister MK Stalin on Thursday inaugurated the 16th International Machine Tools Exhibition organised by Ambattur Industrial Estate Manufacturers’ Association (AIEMA) and said that the allocation for the MSME department in his incumbent regime was twofold more than the previous AIADMK regime.

Speaking at the inauguration of the exhibition at Chennai Trade Centre in the city, Stalin said that his government had allocated Rs 1,918.22 crore in the current fiscal for the department, considering the contribution of MSMEs to the state economy.

Drawing a parallel between the budgetary allocation for the MSME department in his and previous AIADMK regimes, Stalin said that during the 10-year AIADMK regime, only Rs 3,617.62 crore was allocated for the MSME department, but the allocation has been increased twofold to Rs 6,626 crore so far in the incumbent regime.

Advising the gathered entrepreneurs to contribute to the industrial and economic development of the state through the expo, Stalin listed out the various schemes and incentive programmes implemented by his government for the sector and reminded the entrepreneurs that the government obliged the MSME consumers and reduced the peak hour electricity tariff for low tension MSME units from 25% to 15% and provided an additional subsidy of Rs 606.63 crore for the same.

“As much as Rs 350 crore has been allocated for the scheme in the current financial year,” the CM added.

Pointing out that loans to the tune of Rs 7,578.53 crore was provided to 42,278 MSMEs in the state under credit guarantee scheme launched by him in 2022, the Chief Minister said that about Rs 1,381 crore has been provided to 19,931 MSMEs under various subsidies, including capital subsidy, electricity subsidy and payroll subsidy and back-ended interest subsidy.

State MSME minister TM Anbarasan, additional chief secretary Atul Anand, among the officers were also present at the event.