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Updated July 23rd, 2021 at 12:44 IST

Tamil Nadu govt gives relief to MSMEs, provides waiver of tender cost & exemption in EMD

The Tamil Nadu Start-Up and Innovation Policy 2018-2023 aims to support the emergence of at least 5000 technology start-ups in the State.

Reported by: Vishnu V V
Tamil Nadu
IMAGE: PTI | Image:self
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Following the approval of the Tamil Nadu Start-up and Innovation Policy 2018-2023, the TN government has now handed some relaxations for new small and micro-entrepreneurs in the state. The state administration on Friday announced a series of concessions for start-ups registered under Tamil Nadu Start-Up and innovaTN Mission (TANSIM), which was formed to support new MSMEs in the state. Start-ups which were registered under the state through Start-Up TN portal will now be eligible for relaxed rules including the exemption from the payment of Earnest Money Deposit.   

TN govt gives relief to MSME

New small and micro-entrepreneurs in Tamil Nadu registered under the government will now be eligible for various relaxations offered by the state. According to the latest government order, state-registered start-ups will get concessions for public procurements under Rs.20 lakh in value. The new relaxations come in order to improve the start-up ecosystem in the state.   

According to the order, start-ups registered under the state will now be eligible for exemption from payment of Earnest Money Deposit while undertaking procurements. The MSMEs will also be exempted from the condition of prior turnover and experience. A special waiver of the tender cost will be availed to the start-ups registered on the portal of the Department for Promotion of Industry and Internal Trade (DPIIT) or TANSIM. These restrictions come following the approval of the 'State Start-up and Innovation Policy 2018-2023'.

Tamil Nadu Start-up and Innovation Policy 2018-2023

According to the government release, Tamil Nadu’s contribution of the State to India’s GDP is phenomenal in sectors like Automobiles, Commercial vehicles, Auto parts, Leather products, Textiles, Software and ITeS. The state now plans to further develop its MSME ecosystem and widen its range. The Tamil Nadu Start-Up and Innovation Policy 2018-2023 aims to provide an enabling, innovative ecosystem in the State.

According to the government, implementation of the policy enables the state to emerge as the 'Knowledge Capital' and 'Innovation Hub' of the country. TN also plans to attract more entrepreneurs and investors from across the globe with the policy. As of now, the state plans to encourage, facilitate and support the emergence of at least 5000 technology start-ups in the state, with a goal of attaining a GSDP growth at a sustained pace of 11% per annum for the coming years.

IMAGE: PTI

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Published July 23rd, 2021 at 12:44 IST

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