TN sanctions Rs 50 cr for CARE scheme

CHENNAI: The state government has sanctioned Rs 50 crore for the implementation of CARE (COVID Assistance and Relief to Entrepreneurs) scheme for the 2022-23 fiscal.

An order issued by V Arun Roy, Secretary of MSME department, on Tuesday, said the government has accorded sanction for a sum of Rs 50 crore for the implementation of the CARE scheme for the year 2022-23.

Of the Rs 50 crore, Rs 20 crore must be utilised under Capital subsidy head and Rs 30 crore under UYEGP head by re-appropriation, the order added.

The GO also issued guidelines for utilisation of the fund under CARE scheme with two components, including a subsidy linked credit scheme to help the eligible entrepreneurs whose businesses were affected by the Covid-19 pandemic to re-establish their existing business or to start a new enterprise of similar activity or some other activity, either by himself/herself or through their legal heirs.

The government also proposed an incentive scheme to support those who undertake technology upgradation/modernisation of their existing enterprise with an objective to enhance productivity. The industries commissioner and director of industries and commerce have been authorised to draw and disburse the funds sanctioned under the two components.