Tamil Nadu government has announced to launch a new Annal Ambedkar Business Champion Scheme 2024. In this scheme, the Tamilnadu state govt. will promote economic development of scheduled caste and scheduled tribe category people. The announcement regarding Annal Ambedkar Business Champions Scheme has been made in the Tamil Nadu Budget Speech 2023-24. In this article we will tell you about the complete details of the new Annal Ambedkar Business Champion Yojana.
Annal Ambedkar Business Champion Scheme Applications Invited
The district industries centre (DIC) in Trichy has invited applications under the Annal Ambedkar Business Champion Scheme from the entrepreneurs belonging to scheduled caste and scheduled tribe communities to avail subsidies and loans from the state government for launching new business ventures and expanding existing business operations.
While 35% of the project cost will be provided as a subsidy, the beneficiary would get support through bank loans to source the remaining funds for launching the business plan. The DIC officials said that eligible applicants can utilise the scheme to become entrepreneurs in the production, business, and service sectors. The loans and subsidies will be provided for food processing, garments, departmental stores, beauty parlours, gymnasiums, concrete mixture units and cab services.
Annal Ambedkar Business Champion Scheme in TN Budget 2023-24
On 20 March 2023, Finance Minister presented Tamil Nadu Budget 2023-24 in the state legislative assembly. While delivering the Tamilnadu Budget Speech 2023-24, FM said “To promote economic development of SC/ST entrepreneurs, a new scheme called ‘Annal Ambedkar Business Champions Scheme’ will be launched in the upcoming financial year. The new scheme will provide 35 per cent capital subsidy and offer 6 per cent interest subvention for loans to procure machineries and equipment. A sum of ₹100 crore is allocated for this scheme in the Budget Estimates 2023-24”.
Overview of Annal Ambedkar Business Champions Scheme
| Name of Scheme | Annal Ambedkar Business Champion Scheme |
| State | Tamil Nadu |
| Objective | To promote economic development of SC/ST entrepreneurs by offering capital subsidy & interest subvention for loans to procure machineries and equipment |
| Capital Subsidy | 35% |
| Interest Subvention | 6% |
| Date of Announcement | 20 March 2023 |
| Who Announced It | Finance Minister of Tamilnadu State, while presenting TN Budget 2023-24 |
| Budgetary Allocation | Rs. 100 crore |
Other Announcements for Welfare of SC/ST in TN Budget 2023-24
The Budget included a few other announcements towards the welfare of SC and ST communities. The ‘Iyothee Thass Pandithar Habitation Development Scheme’ will ensure basic amenities and comprehensive socio-economic development in “Adi Dravidar habitations” in urban and rural areas. A total of ₹1,000 crores would be spent on the scheme over the next five years, the Finance Minister said.
Source/Reference link: https://www.thehindu.com/news/national/tamil-nadu/tamil-nadu-budget-2023-updates/article66640670.ece