TheTamil Nadugovernment announced a special scheme through which it has extended benefits and subsidies to man-made fibre (MMF) yarn,MMF fabricfrom recycled materials and technicaltextilesmanufacturing units in the state.
The new scheme has extended the benefits on offer under the Nadu Industrial Policy 2021 and covers both new projects or expansions in MMF fabric, MMF yarn from recycled materials and technical textiles and apparel with minimum investments of 100 crore, 50 crore and 50 crore respectively.
Manufacturing units can opt for either a special capital subsidy of 15% of EFA (eligible fixed assets) disbursed over 10 years or a turnover-based subsidy depending on the number of jobs created. If the project creates EMPLOYMENT of 500-2,000 jobs, then the ceiling for the turnover-based subsidy is 2.5% of Investment in EFA per annum for a period of 10 years. If the project creates employment of more than 2,000 jobs, the ceiling is 4% of investment in EFA for 10 years. The scheme was unveiled here on Saturday by chief minister M K Stalin.