Chennai, 22 January (H.S.) : Bharatiya Janata Party, BJP, spokesperson ANS Prasad on Thursday lauded the Union Cabinet’s decision to extend equity support to the Small Industries Development Bank of India, SIDBI, describing it as a beacon for sustainable development. Under the guidance of Prime Minister Narendra Modi, the initiative is expected to significantly uplift Micro, Small, and Medium Enterprises, MSMEs, which are vital to the prosperity of Tamil Nadu.

The BJP leader stated that the 5,000 crore equity infusion into SIDBI would facilitate affordable credit for local entrepreneurs in sectors ranging from textiles to technology. This financial boost is projected to generate over 1.12 crore jobs nationwide, with Tamil Nadu set to reap substantial gains in alleviating unemployment and advancing social welfare through targeted MSME support.

Prasad emphasized that fortifying SIDBI’s financial foundation would allow for expanded lending at favorable terms, promoting a balanced and inclusive economic landscape for self-reliant business owners and emerging startups. However, he also criticized the current Dravida Munnetra Kazhagam, DMK, government for state-level policies that he claimed prioritize entrenched interests over transparent governance.

The BJP spokesperson alleged that allegations of corruption and a focus on large-scale projects have neglected smaller enterprises and hindered innovation in the state. He suggested that a double engine government under the National Democratic Alliance, NDA, would enhance efficiency and amplify benefits for all sectors.

According to the authority, the overarching goal of Viksit Bharat aligns seamlessly with the developmental aspirations of Tamil Nadu as the state prepares for the 2026 assembly polls.

The initiative also aims to promote financial inclusion through collateral free loans and venture funding, specifically empowering women entrepreneurs and rural industries.

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Hindusthan Samachar / Dr. R. B. Chaudhary