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Capital subsidy under NEEDS scheme
August 30 , 2023
454 days
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- The Tamilnadu State government has disbursed highest ever capital subsidy in 2022-23 under its flagship New Entrepreneur cum Enterprise Development Scheme (NEEDS).
- It is a State-funded programme to promote first generation entrepreneurs.
- The scheme is run by the State’s Micro, Small and Medium Enterprises (MSME) Department.
- It has seen subsidy disbursement of ₹163.88 crore in 2022-23, when compared to about ₹97.25 crore in 2021-22.
- The scheme, which has been operational since 2012-13, also saw over 1,000 sanctions for the first time ever in 2022-23.
- Under NEEDS, the minimum project cost is ₹10 lakh and the maximum project cost is up to ₹5 crore.
- The individual-based capital subsidy under NEEDS is given at the rate of 25% of the project cost (not exceeding ₹75 lakh).
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