The government has approved a package to support Micro and Small Enterprises (MSEs) and increased the Corpus of Credit Guarantee Trust Fund for Micro and Small Enterprises (CGTMSE) from Rs.2,500 crore to 7,500 crore.
The decision has been taken with an intension to enhance the quantum of Credit Guarantee to larger number of MSEs. Apart from approval of the package, the government has also given its nod to the coverage of the loans covered under the Credit Guarantee Scheme, under which the amount has been increased from Rs.1 crore to 2 crore for MSEs.
Responding to the move, Tirupur Exporter’s Association (TEA) President, Raja M Shanmugham has expressed gratitude towards the government for this decision as it would be much helpful to the Tirupur cluster where large number of MSEs are existing, carrying out job and working as back bone to the exporting units.
The president further added that the enhancement would also help to attract new entrepreneurs to setup units, start-up units and also enhance the eco system, existence of Micro, Small, Medium and Large Units in Tirupur cluster, which is rarely seen in other industries and clusters.
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