Business scheme for SC/ST entrepreneurs launched in Krishnagiri

new scheme for SC/ST entrepreneurs launched in Krishnagiri

An orientation on the newly-launched Annal Ambedkar Business Champion Scheme for the promotion of Scheduled Caste and Scheduled Tribe entrepreneurs was organised here by the district administration under the aegis of the District Industries Centre (DIC) on Friday.

Inaugurating the orientation programme, Collector K.M. Sarayu underlined the significance of the scheme that was tailored to handholding Scheduled Caste and Scheduled Tribe entrepreneurs in the micro, small, and medium scale enterprises sector.

The district had a vast landscape for MSMEs, with the existing MSMEs in automobile industry, and other sectors including food processing by way of an established pulp industry, khova making among others. However, the MSME sector was lacking in entrepreneurs from the SC/ST communities and the scheme sought to address that lacunae, the Collector said.

The purpose of the scheme was to encourage Scheduled Caste and Scheduled Tribe youth to conceive business ideas with the knowledge that there is subsidy and financial support through the State government, said the Collector.

The scheme is being implemented by the MSME Department. The scheme entails a 35% capital subsidy not exceeding ₹1.5 crore, and 6% interest subvention to the beneficiary to start any manufacturing, trade or service activity. Ample guidance will be provided for the bank loan for the capital requirement uncovered by the subsidy, the Collector said.

The scheme will support all production activities, excluding direct farming, and including trade, manufacturing and services. The scheme covers food processing, spinning mill, powerloom, engineering, rice mills, garments manufacturing, retail outlets, beauty parlours, gyms, rental vehicles, and refrigerator services.

The scheme will cover not just new entrepreneurial ventures but also expansion projects of existing operations. There is no criterion regarding educational qualification but the beneficiaries should be between 18 and 55 years of age.