Vellore entrepreneurs welcome capital subsidy increase

The Vellore District Micro and Small Entrepreneurs Association (VDMSEA) has welcomed the budget proposal for an increase in subsidy for investments in MSMEs.

In a press release issued here, VDMSEA president M.V. Swaminathan said that with the announced increase of capital subsidy — to ₹50 lakh from the existing ₹25 lakh — the total subsidy amount has touched ₹50 lakh.

Allocation of 100 cr.

Subsidy on interest rate has been increased from the existing 3% to 5%. Allocation of ₹100 core for the budget estimate of 2020-21 is welcomed he said, adding that it would give a boost to small business entrepreneurs in the State.