CREDIT SCORING SYSTEM FOR MSMEs SOON FOR TAMILNADU – Industries Commissioner Sigy Thomas Vaidhyan

Tamilnadu Government would introduce soon a digital data driven credit scoring system to enable Financial Institutions and new age Fintech companies to lend to MSMEs (Mini, Small and Medium Enterprises) based on their business potential.  Also the Government would launch State Level Credit Guarantee Scheme to enable more MSMEs particularly micro enterprises to access credit.  Delayed payments for the supplies were a critical issue being faced by MSMEs.  Realizing this Government has mandated the State PSUs, Statutory Boards, Local Body authorities and Co-operative institutions to join the TReDS platform (Trade Receivables Discounting System). Efforts for development of an online portal integrating all departments with RXIL platform (Receivables Exchange of India Ltd) were taken and it would be functional in another six months. To achieve the export target of $100 billion fixed by the State, the Government has announced Export Promotion Policy last year. Also the Government has established MSME Trade and Investment Board to further improve competitiveness, productivity and reach of MSMEs functioning in the State.

This was disclosed by Smt. Sigy Thomas Vaidhyan IAS, Industries Commissioner & Director of Industries and Commerce, Government of Tamil Nadu while inaugurating an awareness programme “ MSMEs as growth engine for India Economy” organized by MSME Development Institute, Government of India, Chennai as a part of Azadi Ka Amrit Mahatsov today at Chennai.

Shri. S.Suresh Babuji, Joint Director of MSME-Development Institute, Chennai in his introductory address said that there were 8,33,000 MSMEs in Tamil Nadu and 11,720 MSMEs in Puducherry.

Shri. R.Rajaraman, Zonal General Manager, National Small Industries Corporation Ltd., Chennai, Shri. A.L.Ravindran, General Manager, SIDBI, Chennai, Shri.S.C.Mohanta, GM, IOB, Chennai, Shri. Sivarajah Ramanathan, Chief Executive Officer, Tamilnadu Startup Innovation Mission, Chennai were also spoke about the issues, scope and potential of MSMEs.  Shri.R.Sundaram, MD & CEO, Aerospace Engineers Pvt.Ltd., who was a successful entrepreneur, shared his success story.  Later Technical Sessions on Subsidy and Schemes, Achievements@75, and Banking were held in the venue itself.  Finally open house discussion was facilitated.