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TN government to set up agency to draw foreign investment for MSME sector

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CM hopes sector will yield create green alternatives to plastic after the state’s proposed ban kicks in next January.

Chennai: Tamil Nadu government today announced a slew of sops for various sectors including the Micro Small and Medium Enterprises (MSME) including setting up an agency to attract foreign investment and cooperation in state MSMEs.

Chief Minister K Palaniswami said the proposed MSME agency will work towards attracting investment, besides getting foreign cooperation for such units.

“It will function as a coordinating agency for providing single window clearance for MSMEs in Tamil Nadu, to enter into agreements with trade and industry bodies and those proposing investment policies,” he said in a suo motu statement.

Further, an Innovation Policy will also be rolled out which will enable the government promote innovative ideas and create entrepreneurs, he said, adding this will be formulated in line with the state government’s Vision 2023 document which envisages a 11 per cent GSDP by that year.

Palaniswami also announced a subsidy scheme for research and development in the MSME sector, expressing confidence that new innovations could even lead to creation of degradable products in the backdrop of the government’s proposed plastic ban that will come into effect from January 2019.

Further, the Chief Minister made a number of announcements in the Assembly concerning the departments of Courts and Prisons, Social Welfare and Differently-Abled.

These included construction of various facilities for judicial officers, setting up of jammer equipment in the Puzhal, Tiruchirappally, Madurai, Palayamkottai jails and five women’s prisons to prevent use of mobile phones by inmates. -PTI

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