Rural, MSME sectors get Rs 300 crore push

Chennai

“The capital infusion will benefit 1,39,574 persons in rural areas. The fund will help rural industries that suffered due to COVID-19 pandemic and will help generate new jobs,” stated Chief Minister Edappadi K Palaniswami.

The Chief Minister held a meeting with MSME Department officials at the Secretariat on Thursday wherein officials informed him that the sector can be revived only through a special monetary package. Following the meeting, the Chief Minister announced a package under Tamil Nadu Rural Transformation Project on Friday. The Tamil Nadu Rural Transformation Project is jointly implemented by the World Bank.

Under the new rejuvenation package, major share of the fund will go to long term loans. “More than 31,952 persons will be given long-term loans to the tune of Rs 159.76 crore through various rural institutions. Women self-help groups, new entrepreneurs, young entrepreneurs who had returned from foreign countries, widows, destitute, transgenders and differently-abled are other class of beneficiaries who will be considered for assistance under the scheme.

“Nearly, 31, 960 farmers in 1,598 farmer producer groups will be provided a one-time subsidy of Rs 1.5 lakh each. For 250 rural business groups with at least five persons, Rs 1.5 lakh each will be given,” said the Chief Minister. Through the funding from the new scheme, the beneficiaries can establish plants to manufacture protective equipment, face masks and can set up chicken farms, eateries, mobile repair shops and so on in rural areas in the State.