Subsidies and credit facility to be extended to entrepreneurs in rural and urban areas: K H Muniyappa

Subsidies would be extended to entrepreneurs in rural and urban areas and credit facility up to Rs 25 lakh would be available without bank guarantees under a scheme of the UPA government, Minister of State for MSME, K H Muniyappa said.

The subsidy would be 35 per cent for weaker sections in rural areas and 25 per cent for others. In urban areas, it would be 25 per cent for weaker sections and 15 per cent for others, he said, speaking at a seminar.

He claimed that one lakh entrepreneurs would be encouraged nationwide through this initiative, which would be able to provide jobs to more than eight lakh people. As much as Rs 8,000 crore would be extended under subsidy scheme under the Prime Minister's Employment Generation Programme, he said.

He said a Tool Room (Technology Training Centre) would be set up here to augment skills of young entrepreneurs, enable them carry out research and contribute to the industrial development of Puducherry.

"The tool room will be set up in the next three months in Puducherry which has good potential for industrial development. It will be able to train 3,000 youth upto international standards initially and would achieve a level of 10,000 youth in course of time," he said.

He was addressing a seminar on "catalysing growth of small and Medium Enterprises," organised by CII (Southern Region).

Dion Global Solutions Ltd.

Story first published: Monday, October 21, 2013, 9:11 [IST]
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