Latest news with #JJames
New Indian Express
20 hours ago
- Business
- New Indian Express
Micro-entrepreneurs seek swift processing of application for machinery subsidy in Tamil Nadu
COIMBATORE: The state government has been urged to expedite the application process for providing a subsidy to MSME units to buy machinery with a subsidy. The Tamil Nadu Association of Cottage and Micro Enterprises (TACT) claimed that it takes almost two years to complete the process now. J James, the president of a Coimbatore-based association, said loans are required to buy advanced machinery and the 25% subsidy offered by the state government in this regard is helpful but it is difficult to get this financial benefit. "Due to the various rules and practical difficulties in obtaining subsidies, genuine micro-entrepreneurs are finding it very difficult to obtain the papers and various certificates requested by the officials during the inspection. The state government should simplify the procedures for obtaining the subsidy," he stated. Explaining the necessity of buying new and advanced machinery, James said, "Micro-entrepreneurs take up job orders and supply spare parts. They rely on orders from various companies to operate their businesses. But many have not received orders for 12 months due to the severe crisis in the manufacturing sector.
New Indian Express
24-05-2025
- Business
- New Indian Express
Farmers oppose new RBI restrictions on availing gold loans
"Now, in some additional guidelines issued recently, a receipt or proof of ownership of the jewellery has been made mandatory. Jewellery loans will not be given for gold coins, and only 75% of the value of the jewellery mortgaged will be given as loan. It is clear that these announcements were made to direct farmers and the middle-class towards private companies that offer gold and jewellery loans at higher interest rates," he added. J James, President of Tamil Nadu Association of Cottage and Tiny Enterprises (TACT), said, "The new restriction will impact MSME unit operators, who depend on jewellery loans during financial need, to complete job orders within a specified time period. The operators, who used to take jewellery loans at an average interest of 9.75%, should now take loans from private entities, at an average interest rate of 22%." CM Jayaraman, president of Citizens' Voice, Coimbatore, said, "The RBI's gold loan policy, disproportionately benefits large businesses while penalising small borrowers and investors, ultimately driving them to illegal lenders. The policy is ineffective in controlling gold prices and encourages GST evasions."
