TIIC as the first State-level Development Financial Institution

Which of the following statements are true about TIIC?

(i)  TIIC was established in 1949 as the first State-level Development Financial Institution.

(ii) It focuses on extension of assistance to Micro, Small, and Medium enterprises, which account for 90% of the total assistance.

(iii) Around 40% of TIIC’s financial assistance is availed by first-generation entrepreneurs.

(A) (i) only True                                                  (B) (ii) only True
(C) (i), (ii) only True                                           (D) (i), (ii) (iii) True
  

EXPLANATION

✅ Statement (i): True

  • TIIC was established in 1949, shortly after India’s independence.

  • It holds the distinction of being the first State-level Development Financial Institution in India.

  • Its primary goal was to promote industrial development in Tamil Nadu by providing long-term financial assistance.

✅ Statement (ii): True

  • TIIC focuses significantly on Micro, Small, and Medium Enterprises (MSMEs).

  • According to official data, about 90% of its total financial assistance goes to MSME units.

  • This focus helps in generating employment and promoting decentralized industrial growth in the state.

✅ Statement (iii): True

  • TIIC actively supports first-generation entrepreneurs, i.e., individuals starting their first business ventures.

  • Roughly 40% of TIIC’s loans and financial assistance is accessed by such entrepreneurs.

  • This aligns with TIIC’s mission to encourage new industrialists and create a broader base for entrepreneurship.

 Summary Table:

Statement True/False Reason
(i) TIIC established in 1949 as first State-level DFI ✅ True Historical fact; first of its kind
(ii) 90% of assistance goes to MSMEs ✅ True Official TIIC data
(iii) 40% of support is to first-generation entrepreneurs ✅ True Verified in TIIC corporate profile

✅ Final Answer: (D) All statements (i), (ii), and (iii) are True

TIIC as first State-level Development Financial Institution