Port Wings News Network:
Tirupur Exporters Association (TEA) on 12 May 2021 thanked the Tamil Nadu Chief Minister M K Stalin for the announcement of concessions to the MSMEs at this hour of crisis.
In a statement to media, Shri. Raja. M. Shanmugham, President, TEA, said these concessions will go a long way for the Tirupur knitwear exports sector consisting 95% units in MSMEs.
He said the extension of payment of MOD registration including legal licenses required for MSME industries till December 2021. Disbursement of Capital Subsidy in one installment, Exemption for the norm that sales proceeds should be increased by 25 percent for expanding MSME sector will be extended till December 31, 2021 are real beneficial to Tirupur units at a time when they are struggling to sustain due to various adverse factors internally and externally. Added to this, he further said the impact on Corona has also largely affected the financial performance of the units.
Shri. Raja. M. Shanmugham said that the Central Government Scheme, Amended Technology Upgradation Funds Scheme (ATUFS) is providing 15% Capital Subsidy to the Garment Sector and when other states are permitting to avail both Central Government ATUFS subsidy and the State Government Capital Subsidy, whereas in our State the investors are permitted to avail either Central or State subsidy only. In this connection, Shri. Raja. M. Shanmugham has requested the Hon’ble Chief Minister to permit to avail both Central (ATUFS) and State subsidies also, as this measure will attract more entrepreneurs and boost the growth of industries in Tamil Nadu.