Coimbatore, Feb 17 (PTI) Trade and Industry bodies in Coimbatore region on Wednesday welcomed the Tamil Nadu Industrial policy and MSME Policy 2021, terming it as a growth oriented one.

The Indian Chamber of Commerce and Industry (Coimbatore Chapter) thanked Chief Minister K Palaniswami for presenting such a policy, the objective of which was to achieve 15 per cent an annual growth in the manufacturing sector, attract investments worth of Rs 10 Lakh crore and create jobs for 20 lakh people by 2025.

The Industrial Policy also encourages relocation of firms, the Chamber said in a statement

It also welcomed increase in the Capital subsidy 25 per cent with maximum limit of Rs 50 lakh raised to Rs 150 lakh,Rs 1,000 crore infusion into Tamil Nadu Industrial Investment Corporation, which will strengthen industries and Rs 500 crore for development of new industrial estates

However, support to ailing MSMEs hit by COVID-19 by way of additional Moratorium for repayment of loan EMI's,extension of emergency Credit Line Guarantee Scheme of the Central Government are not found in the Industrial Policy.

The Coimbatore Tirupur Districts Micro and Cottage Entrepreneurs Association (COTMA) welcomed the decision to triple the subsidy cap on capital investment from Rs 50 lakh to Rs 1.5 crore.

The multiple incentives to sunrise sectors, including defense and food processing and technology have the potential to change the industrial climate in Coimbatore, COTMA president Shivakumar said and hoped the Rs 1,000 crore infusion into TIIC would lead to disbursal of more loans. PTI

(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)