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TN govt sanctions Rs 1bn for jute entrepreneurs
Aug '11
To promote Micro, Small and Medium Enterprises (MSMEs) of jute industry in the State, the Tamil Nadu government has sanctioned a sum of one billion rupees.

The one billion rupees allotted in the 2011-12 interim budget would be utilised by the State government to provide the export-oriented coir and jute based industries with credit and technology support.

Tamil Nadu has the maximum number of MSMEs, constituting around 15.07 percent of the total MSMEs in the country.

The State government proposes to develop a venture capital fund for these MSMEs with the help of foreign investment and private enterprise to support the local Entrepreneurship Development Institute (EDI).

In the interim budget presented last week, State Finance Minister O Panneerselvam said that the EDI would also build a corpus fund, wherein various resources would be gathered from not only the Central and State governments, but also from financial institutions.

He stated that the State government intends to rejuvenate EDI to encourage and provide training to young industrialists, especially the first generation youth.

He added that based on the feasibility, the land of the non-operational cooperative spinning mills would be used for establishing new industrial estates so as to encourage the MSME sector and thereby to create new job opportunities.

Fibre2fashion News Desk - India

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