Latest News | Exporters Welcome Rise in Capital Subsidy Grant Under NEEDS

Coimbatore, Nov 4 (PTI): Tirupur Exporters Association (TEA) on Wednesday welcomed the enhancement of capital subsidy grant under NEEDS (new entrepreneur-cum-enterprise development scheme) from Rs 30 lakh to Rs 50 lakh.

In a statement here, TEA president Raja M Shanmugham thanked Tamil Nadu Chief Minister K Palaniswami for issuance of the MSME order enhancing the maximum cap on the 25 per cent capital subsidy granted on the value of project cost under NEEDS.

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The order, as announced in the state budget, has come into effect from November 3, the TEA president said.

The enhancement would be beneficial to the Tirupur knitwear garment sector where more startup entrepreneurs are setting up new units. Moreover, the raise would attract more new entrepreneurs, he said. Shanmugham expressed hope that these kinds of measures would catapult the industries in Tamil Nadu to the number-one position in the country.

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(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)