High Rate Of MSME Closure Witnessed In TN

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Official data tabled in the Tamil Nadu Assembly (Policy Note 2018-19) indicates that number of registered MSME units in the state has come down to 2,17,981 units during FT 2017-18 from 2,67,310 units in 2016-17. The number of persons employed in the MSME sector came down to 13,78,544 in 2017-18 from 18,97,619 persons in 2016-17. The investment in the MSME sector also witnessed a sharp decline to Rs 25,373.12 crore in 2017-18 from Rs 36,221.78 crore. The factors being speculated behind this include implementation of Goods and Services Tax (GST), delayed payments and lack of institutional credit are taking a toll on the micro, small and medium enterprises (MSMEs) in Tamil Nadu, with thousands of such units facing closures, resulting in massive job losses. The policy note also indicates that out of the 10,073 MSME’s that signed a MoU with the state government at the Global Investors Meet in 2015, as on March 31, a total of 5,358 enterprises have started production, with an investment of Rs 6,182.03 crore.

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