Chennai, May 07: The Tamil Nadu Government today announced a series of concessions for tiny and small scale industries in a bid to rehabilitate sick units in these sectors. Rural Industries Minister R Vadivel, replying to a debate on the demands of grants for his department, told the State Assembly that the rate of interest on loans for purchase of industrial sheds would be reduced from 17 to 15 per cent. The penal interest for belated payment would come down from 19 to 17 per cent, he said. Those who were prompt in repaying loans would get a one per cent interest rebate, he said, adding that units commencing production on schedule would be eligible for a further one per cent interest rebate. Tiny sector units, with a power connection upto 10 hp, would be eligible for concessional power tariff, he said. Three micro industrial estates for the tiny sector would come up at Theni, Vellore and Nagapattinam districts, he said.

Bureau Report