As the entrepreneurs need more support from the Government in this difficult phase, few of the State Governments have come forward with industry-friendly policies.
The Tamil Nadu Government has enhanced the maximum cap on the 25 per cent capital subsidy granted on the value of project cost under new entrepreneur-cum-enterprise development scheme (NEEDS) from the existing limit of Rs. 30 lakh to Rs. 50 lakh.
It is effective since 3 November 2020.
This initiative of State Government will help the apparel industry of the state. Raja M. Shanmugham, President, Tirupur Exporters Association (TEA) thanked the Chief Minister of the state for this step. “The enhancement of the subsidy amount would be highly beneficial to Tirupur knitwear garment sector where more start-up entrepreneurs are setting up new units; moreover it would attract more new entrepreneurs also,” he added.
As per him, these kinds of positive measures would catapult the industries in Tamil Nadu to number one position in India.