More applications expected under NEEDS from first-generation entrepreneurs

The District Industries Centre in Tiruchi is anticipating more number of applicants aspiring for first-generation entrepreneurship under the New Entrepreneur Cum Enterprise Development Scheme (NEEDS) during 2022-23, since the eligibility was scaled down last year from the earlier minimum requirement of a graduation degree.

Under the new system, it is enough if the applicant holds Plus Two, or Diploma or ITI qualification to be eligible for loans ranging from ₹10 lakh to ₹5 crore to start service or manufacturing enteprises. The minimum age requirement for an applicant is completion of 21 years. The maximum age limit is 35 years for general category candidates and 45 years for those in special category that encompasses Adi Dravidar, Scheduled Tribe, Backward Class, Most Backward Class, women, persons with disability, ex-servicemen, and transgender.

Another highlight is the increase of 25% subsidy ceiling from ₹50 lakh to ₹75 lakh. The own contribution of the applicant is 10% of the project cost for applicants in general category and only 5% for those in special category.

"We are looking forward to receiving more applications this year. The NEEDS target has been fixed at 38 for 2022-23," Raveendran, General Manager, District Industries Centre, Tiruchi, said.

For 2021-22, the target of securing 31 sanctions were achieved under NEEDS, Mr. Raveendran said. The awareness about the scheme was being spread to intended beneficiaries through the training programmes conducted by the District Employment Office, he said.

The DIC surpassed the subsidy target last year under UYEGP (Unemployment Youth Employment Generation Programme) and PMEGP (Prime Ministers Employment Generation Programme) and other schemes fostering entrepreneurship. Against the subsidy target of ₹1.33 crore for UYEGP, the district could cross the ₹1.5 crore mark. Under PMEGP, against the subsidy target of ₹2.07 crore, a sum of ₹2.64 crore was disbursed, Mr. Raveendran said.


Meanwhile, the Mayiladuthurai district administration has invited applications from eligible candidates under NEEDS.

In a press release, Collector R. Lalitha said applications could be submitted online at www.msmeonline.tn.gov.in/needs. Desirous applicants could also reach the DIC General Manager over phone: 99948 63101, the release said.

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Printable version | May 13, 2022 11:28:44 pm | https://www.thehindu.com/news/cities/Tiruchirapalli/more-applications-expected-under-needs-from-first-generation-entrepreneurs/article65411630.ece