Center To Setup Incubation Centers In 6 ITIs In Telangana
Hyderabad, March 17 (Maxim News): As part of the union Micro, Small & Medium enterprises Ministry-funded Livelihood Business Incubator (LBI) Scheme, six government Industrial Training Institutes (ITIs) in Telangana have been identified for establishing incubation centers to promote entrepreneurship among youth. The incubation centers will be set up at the government ITIs in Sircilla, Wanaparthy, Khammam, Nizamabad, Medchal, and Karimnagar districts.
According to officials of the Department of Employment and Training, the prime focus of these incubators would be to create jobs at the local level and reduce unemployment by creating a favorable ecosystem for entrepreneurial development. As part of the initiative, youth would be imparted entrepreneurship, skill development training, mentoring, and hand-holding with facilitation for funding with a view to empower them to set up their own business enterprises in these incubation centers, they informed.
The Livelihood Business Incubator Scheme aims to strengthen the innovation ecosystem for the MSMEs to make them more competitive and sustainable. Giving details about the scheme, those interested in setting up their unit after completing training, a one-time grant of 100 percent of the cost of plant and machinery, other than land and infrastructure upto Rs. one crore for government agencies and for Public and Private Partnership (PPP) mode with the government. A one-time grant of 50 percent of the cost of plant and machinery, other than the land and infrastructure, or Rs. 50 lakh, whichever is less would be provided.
A private applicant who wants to set up, a one-time grant of 75 percent of the cost of plant and machinery, other than the land and infrastructure, or Rs. 15 lakh, whichever is less would be provided. (Maxim News)
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