Latest News | CODISSIA Presents List of Suggestions to TN Govt

Coimbatore, Aug 6 (PTI): Citing the lockdown, the Coimbatore District Small Industries Association (CODISSIA) on Friday suggested to the Tamil Nadu government to reschedule the loans from financial institutions like the Tamil Nadu Industrial Investment Corporation Ltd (TIIC) for six months with nil interest rate.

In a representation made during a meeting, chaired by Chief Minister M K Stalin in Chennai in connection with the revised budget estimate, president of the association M V Ramesh Babu wanted all concessions/subsidies which are at present being provided to the existing SIPCOT/SIDCO industrial estates should be extended to all the industrial estates with full infrastructure facilities for the development of industries, he said.

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Special capital subsidies up to 30 per cent should be provided to all manufacturing industries (new or for expansion) which generate employment opportunities in Coimbatore, he said. The 25 per cent capital subsidy for thrust sector as per the Tamil Nadu MSME Act should be sanctioned for automobiles, solar panels, leather industry, electrical accessories manufacturing industry, pump and motor manufacturers and textile machinery parts-manufacturing industries, he said.

The fund is being utilised to the maximum by MSMEs in cities other than Coimbatore but a large number of MSMEs are in the textile city alone, he said.

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Other suggestions include releasing outstanding payment from PSUs and other government sector to MSMEs, extend the grant of interest subvention charges to 6 per cent for all MSMEs which would encourage manufacturing in order to sustain and increase their productivity.

Stating that MSMEs should be exempted from interest or penal action for any discrepancies, Ramesh Babu said the technology upgradation fund (TUF) should be introduced for expansion and modernisation of MSMEs, and an accelerated depreciation for three years be extended to all MSEs which go for expansion and modernisation. Codissia suggested to speed up the release of the new masterplan considering the present and future needs and said single-window clearance is essential, he said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)