CII confers awards on successful young entrepreneurs
HYDERABAD: Hailing from a remote village Mori in Guntur district, Ch. Vani Kumari, daughter of a farmer was a struggling entrepreneur hunting for funds when she stumbled on Business and Youth Starting Together (BYST), an initiative of the Confederation of Indian Industries (CII).
Her flour business was just beginning to flourish and orders were coming in, but she lacked the necessary resources to cope with the sudden demand. Thanks to BYST, she could secure a loan worth Rs. 5 lakh and today, generates business worth Rs.1.1 crore.
She was awarded the BYST-Indian Bank Excellence Award for generating the highest turnover among entrepreneurs in the State supported by BYST. Similar was the tale of another K. Ashok Kumar who was given the award for generating maximum employment (26 persons).
A sixth-class passout, Mr. Kumar began his venture, a fibre sheets and fabrication unit in Borabanda with an investment of Rs.10 lakh (four lakh BYST loan) whose annual turnover has hit Rs. 41 lakh this year. Syed Jawad, a youngster who started off in a small shed to set up his own workshop employing 20 workers with a turnover of Rs.50 lakh each year. So is Kameshwar Rao who is into lathe works business.
Their efforts were recognised by BYST at an event, ‘Celebrating Entrepreneurial Excellence at the Grassroots' organised here on Wednesday.
“Guidance through mentors along with a whole range of innovative business development services is essential to nurturing and sustaining small business start ups,” said Lakshmi V. Venkatesan, founding trustee and executive vice president, BYST.
BYST in collaboration with Indian Bank in South India facilitates loan disbursal to budding entrepreneurs. Venkataramudu, the bank's branch manager in Moosapet was recognised for his efforts in disbursing maximum number of loans (28) in the region.
The event also saw loan amounts worth Rs.60 lakh being disbursed to 12 budding entrepreneurs.