T.N. is a forerunner in promoting and supporting start-ups, says MP Su. Venkatesan

Madurai MP Su. Venkatesan highlights Tamil Nadu's support for start-ups, emphasizing the importance of MSMEs and job creation.

As per the data, the number of start-ups and the investment recorded in New Delhi in the last three years was equal to that of Coimbatore district and this has displayed the State’s support to the growth of new businesses, said Madurai MP Su. Venkatesan.  

Speaking at the Tamil Nadu ‘Startup Thiruvizha 2024,’ at Tamukkam grounds in Madurai on Saturday, Mr. Venkatesan said that though the Union Ministry of Micro, Small and Medium Enterprises (MSME) had replied to his question in Parliament that about 95% of the start-ups had failed in the last three years, the role of government and initiatives like ‘StartupTN’ was to support and help revive such failed businesses.  

“MSMEs, unlike large corporates and companies, take society along with them in their growth. About 8% of Gross Domestic Product (GDP) of the nation was from MSME, 40% of the nation’s total export was from MSMEs, 45% of the domestic enterprises was MSMEs and above all the sector provides 12 crore job opportunities,” he noted.  

Pointing out a famous Information Technology (IT) company in Madurai, he said, “While one of the nation’s largest companies provide 800 jobs, Gandhigram handloom khadi company with only 1% of the turnover of the company’s 25% turnover provides about 28,000 jobs.” 

While the government cannot discriminate between companies, the State should always show a little more favour towards the growth of a company that provides more job opportunities, he said.  

“Our State, which has more human resources than natural resources, should be well utilised with the inception of such companies and support entities,” Mr. Venkatesan said.  

Archana Patnaik, Secretary, MSME Department, said that while Tamil Nadu was the second largest economy in the nation, the State contributes about 9% to the nation’s GDP.