Southern India Engineering Manufacturer’s Association (SIEMA), which represents the dynamic pump and motor manufacturing sector in Coimbatore, wrote to Tamil Nadu Chief Minister Joseph Vijay, congratulating him on forming the new Government in the State, and also submitted a list of requests from the pump industry that needs the Chief Minister’s attention and support.

Elevating Pump & Motor Manufacturing to Thrust Sector

Manufacturers seeking to diversify into Electric Vehicle (EV) Motors alongside pump manufacturing face challenges when applying for loans through the Tamil Nadu Industrial Investment Corporation (TIIC). The loan eligibility criteria mandate that only products designated as Thrust sectors can be manufactured in the facility for which the loan is sought.

“We propose that the Government designate pump manufacturing as a Thrust sector, enabling manufacturers to avail benefits under Thrust sector lending for EV Motor initiatives within the same facility,” SIEMA’s President Mithum Ramdas said via a press release.

Raw Material Bank

SIEMA, through COINDIA, has been successfully operating a raw material bank for over a decade, supplying materials to micro and small units with 100% payment recovery.

 

It proposed to extend this initiative to cover a wider variety of raw materials required by the engineering industry. As SIEMA faces limitations in accessing the working capital required for such operations, it requested the Government of Tamil Nadu to provide collateral-free working capital of Rs.25 crores at a subsidized interest rate.

 

“This support will lower operational costs, enabling us to pass on the benefits to micro and small enterprises, thereby enhancing their competitiveness,” Mr.Ramdas remarked.

 

To further present the various requests from the pump and motor industry, SIEMA’s President requested an appointment to meet the CM in person to discuss matters concerning the engineering industry and industrial development in the State.