In a press release issued yesterday, Shri. Raja. M. Shanmugham, President thanked the Hon’ble Chief Minister for issuance of Micro, Small and Medium Enterprises Department Order, as per this year Tamil Nadu Budget announcement, by enhancing the maximum cap on the 25% Capital subsidy granted on the value of project cost under New Entrepreneur – cum – Enterprise Development Scheme (NEEDS) from the existing limit of Rs.30.00 Lakh to RS.50.00 Lakh with effect from date of the order, 3rd November 2020.
Shri. Raja. M. Shanmugham said the enhancement of the subsidy amount would be highly beneficial to Tirupur Knitwear Garment Sector where more startup entrepreneurs are setting up new units and moreover it would attract more new entrepreneurs also. Shri. Raja. M. Shanmugham was hopeful that these kind of positive measures would catapult the Industries in Tamil Nadu to number One position in India.