Trade, Industry bodies welcome TN Industial Policy

Trade and Industry bodies inCoimbatore region on Wednesday welcomed the Tamil NaduIndustrial policy and MSME Policy 2021, terming it as a growthoriented one.

The Indian Chamber of Commerce and Industry (CoimbatoreChapter) thanked Chief Minister K Palaniswami for presentingsuch a policy, the objective of which was to achieve 15 percent an annual growth in the manufacturing sector, attractinvestments worth of Rs 10 Lakh crore and create jobs for 20lakh people by 2025.

The Industrial Policy also encourages relocation offirms, the Chamber said in a statement It also welcomed increase in the Capital subsidy 25 percent with maximum limit of Rs 50 lakh raised to Rs 150 lakh,Rs1,000 crore infusion into Tamil Nadu Industrial InvestmentCorporation, which will strengthen industries and Rs 500 crorefor development of new industrial estates However, support to ailing MSMEs hit by COVID-19 by wayof additional Moratorium for repayment of loan EMI's,extensionof emergency Credit Line Guarantee Scheme of the CentralGovernment are not found in the Industrial Policy.

The Coimbatore Tirupur Districts Micro and CottageEntrepreneurs Association (COTMA) welcomed the decision totriple the subsidy cap on capital investment from Rs 50 lakhto Rs 1.5 crore.

The multiple incentives to sunrise sectors, includingdefense and food processing and technology have the potentialto change the industrial climate in Coimbatore, COTMApresident Shivakumar said and hoped the Rs 1,000 croreinfusion into TIIC would lead to disbursal of more loans.