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Counselling for youth on entrepreneur development

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In attempt to motivate youngsters to become entrepreneurs, the District Industries Centre (DIC) has decided to host a counselling session in the city later this month on the New Entrepreneur-cum-Enterprise Development Scheme (NEEDS) of the State government that seeks to fostering first-time entrepreneurs.

The scheme seeks to provide entrepreneurship training to educated youth in the age group of 21 to 45 (35 for open category candidates), assist them in project preparation, and get financial assistance through Tamil Nadu Industrial Investment Corporation (TIIC) or banks with 25% capital subsidy. Unlike many other entrepreneurship promotion schemes, the project cost under NEEDS covers capital expenditure such as land, building and plant and machinery and margin money for working capital.

The State government has now increased the ceiling on the project cost from Rs. 1 to Rs. 5 crore to enable first-time entrepreneurs go for bigger projects. Candidates with educational qualifications of degree, diploma or ITI certificates can avail the scheme. Selected beneficiaries will be provided skill development training for a fortnight in Chennai.

Officials say there is scope for promoting food processing industries, rice mills, solar energy-based industries, readymade garment manufacturing, BPOs and other manufacturing and service sector projects such as clinical labs under the scheme.

In an attempt to encourage more youth to avail the scheme, DIC will conduct a counselling session at its office on Collector’s Office Road on October 23 and 24. The session will begin at 11 a.m. on October 23, Collector K.Rajamani said in a release.


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