TN MSMEs businesses hit hard by Covid surge
By IANS |
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TN MSMEs businesses hit hard by Covid surge.. Image Source: IANS News
Chennai, April 16 : The Micro, Small and Medium Enterprises (MSMEs) of Coimbatore in Tamil Nadu are facing the heat as the second wave of Covid-19 surges ahead with each passing day.
M. Senthilnathan, who has a foundry business in Coimbatore Industrial Estate, told IANS, I was doing a business of Rs 12 to Rs 15 lakh per month and it has fallen by more than 60 per cent and our staff strength which was 16 has now come down to five with almost all the contract workers having left for their hometowns.
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Coimbatore: Industrial associations here welcomed the Tamil Nadu government’s new industrial policy and cheered the decision to triple the subsidy cap on capital investment from Rs 50 lakh to Rs 1.5 crore.
The Coimbatore Tirupur Districts Micro and Cottage Entrepreneurs Association (Cotma) and Indian Chamber of Commerce and Industry (ICCI) called the policy ‘growth oriented’.
“We appreciate the decision to increase the cap on capital subsidy, which was 25% or Rs 50 lakh to Rs 1.5 crore. Today, even small industries have a capital outlay of more than Rs 4 crore because of inflation. Rs 50 lakh was a limit set more than a decade ago,” ICCI president Balasubramaniam said. “This will remove a solid portion of the burden from manufacturers.”