TN expects Rs 3,000 crore investment in MSMEs at Global Investors Meet

November 12, 2018

According to Tamil Nadu Minister for Industries, MC Sampath, and Minister for Rural Industries, P Benjamin, the state is expecting a Rs 3,000 crore worth investment from Micro, Small and Medium Enterprises (MSMEs) at next year’s Global Investors Meet in Chennai. In the buildup towards the January event, the two ministers addressed a gathering at a trade fair in Coimbatore and shared information on the state’s industrial and investment climate, according to media reports.

Sampath, who has travelled to countries such as the US, Taiwan, Thailand, UAE, and more to attract investments, is expecting investments in the state in information technology, hardware, software, automobiles, petrochemicals, agro-business, food processing, etc.

“Our visit to Ahmedabad showed there were industrialists ready to invest Rs 20,000 crore in Tamil Nadu,” he said. The state’s changing industrial climate and becoming investor-friendly is down to initiatives like the Business Facilitation Act and Rules 2018, Sampath added.

The minister explained that these initiatives allowed 137 MSME units to get clearance, and also spoke about the changes to the Tender Transparency Act, which helped promote these businesses. Under this, public sector undertakings and government departments will have to procure at least 25 percent of their goods and services from MSMEs. “We will also set up a trade and investment promotions bureau for MSMEs,” he added.

At the event, Benjamin shared information on the state’s track record. He said that in the past seven years, over 12,000 entrepreneurs had been given capital subsidy worth more than Rs 687 crore.

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