Stalin’s plan resulted in 2 first generation entrepreneurs

Tamil Nadu is in number one position as far as Angel investment is concerned. CM Stalin made a seismic impact by working for the enhancement of foreign investments and development of new domestic entrepreneurs side by side. One such measure is the increase of the age limit for new entrepreneurs from 45 to 55 which opens new avenues for new businesses and creates employment.

CM Stalin is working towards making the state's economy worth 1 trillion US dollars by fine tuning his measures and covering all aspects which is reflected in the angel investment data. According to an official from Salem, in the last 4 months alone, 736 lakh rupees has been given as subsidy for new entrepreneurs in Salem district.

CM Stalin's government and his plans are responsible for creating 2 new first generation entrepreneurs in Salem who were previously workers.

The birth story of a first generation entrepreneur:

One of the entrepreneurs is Manimaran who has done B.E and M.B.A. His father is a weaver and his aspiration from childhood is to advance the occupation with the help of modern machinery. In order to make his dream come true, he did groundwork about the loan facilities, subsidies etc. Now, with the loan granted by the Tamil Nadu government, Manimaran has become an entrepreneur.

Manimaran said, "I went to Surat to gain knowledge about the electronic looms and with the gained wisdom, I have set up an electronic loom in our area which otherwise has only small power looms. The constraint with handloom is the restriction to one design per saree at a time which can be overcome in electronic looms where multiple designs can be fed at the same time."

He continued, "In the usual traditional method of weaving, it costs around 25000 rupees to change the designs. In the electronic looms, the extra expense can be avoided by just inserting the designs via a pen-drive. So, the electronic looms are beneficial as well as profitable."

Help received from the government:

Regarding the loan accessibility, Manimaran said, "I submitted my application through the government website which was followed by an interview for details such as professional experience, background, project estimate etc. After the scrutinisation, the bank approved my loan immediately with a 25% subsidy. 50% of the loan amount was granted immediately after the purchase of machineries. The positive attitude of the authorities also made me happy about the process."

Sivakumar, General Manager of Salem District Industries Centre said, "Manimaran, who is an M.B.A graduate, approached us from Salem for the establishment of power loom business. Since he is a first generation entrepreneur, we adviced him to avail help through NEED scheme (New Entrepreneur cum Enterprise Development scheme)."

"The application via the NEED scheme for financial help will be beneficial in the form of overall subsidy as well as interest subsidy. Manimaran applied through the NEED scheme and got the loan with subsidy which helped him to become a first generation entrepreneur", said Sivakumar.

As per the scheme, 50% of the amount can be availed by the beneficiary after the submission of necessary documents related to the purchase of equipment which was done by Manimaran and as a result he got the 50% amount after the purchase of machineries. The special feature of the scheme is the provision of overall subsidy and interest subsidy before the production work which reduces the loan repayment burden of the beneficiary and aids the growth of the industries.

"Tamil Nadu government is showing keen interest in the scheme for the extension of benefits to many persons by simplifying the rules. CM Stalin personally is paying attention to the scheme which led to the increase in the age of entrepreneurs from 45 to 55 which benefited lakhs of people", said the General Manager of Salem District Industries Centre.

CM Stalin has brought the concept of inclusion in economic development. He introduced Annal Ambedkar Business Champions scheme 2 months ago for the economic development of Scheduled Castes and Tribes. As per the scheme, the government will provide 35% of the project estimate as subsidy and 6% as interest subsidy. "In Salem district alone, 736 lakh rupees was given to 99 persons as subsidy between April and July", said an official.

Another first generation entrepreneur:

Like Manimaran, Kumar has also become a first generation entrepreneur. Kumar belongs to Mettur and previously he worked as an employee in a private steel company. With the financial help from the government, Kumar has now become an entrepreneur and established "Alpha Steels". It has been 6 months since Alpha Steels was established which manufactures braided wires.

Kumar said, "I have become an entrepreneur because of the Tamil Nadu government. While applying for the loan, the authorities guided me properly without any delay. I was surprised to get the 50% subsidy within 1 month. The market condition and production is also good, all because of the Tamil Nadu government."

CM Stalin and the Tamil Nadu government is on the path of achieving the target of a 1 trillion dollar economy.