Agartala: The Tripura government has decided to provide interest-free loans to unemployed youths for raising economically viable ventures, Information and Cultural Affairs (ICA) minister Sushanta Chowdhury said on Friday.
It has been often noticed that youths had raised their ventures after taking loans from banks or private players at exorbitant interest rates.
“At one point of time, the entrepreneurs are forced to shut down their ventures because the profit gets reduced as they have to pay EMIs with high rate of interest”, Chowdhury said.
He said the state Cabinet has approved a proposal for constitution of Tripura start-ups – A venture capital and appointment of a fund manager.
As per the decision, the government will raise a corpus fund of Rs 50 crore to provide loans to the potential start-up players without any interest.
“The government will contribute Rs 25 crore in the corpus fund while the fund manager, probably SIDBI will pump in Rs 10 crore and remaining is planned to be managed from different organizations , he said.
The unemployed youths, who have viable start-up plans need to submit their Detail Project Report (DPR) to the government seeking funds for raising venture, he said, adding the interest free loan would be disbursed after examining the DPR thoroughly.
Chowdhury further said, “The government will constitute a committee to run the start-up initiative. Besides, terms and condition will need to be put in place before its implementation. This will be beneficial for youths who have good start-up plans but no funds.”