Guwahati, Sept 20 (KNN) Assam government has come out with an ‘Angel Fund’ to help first-generation entrepreneurs and skilled youths to set up micro and small enterprises (MSME) in the state. A maximum loan amount of Rs 5 lakh at 5 per cent interest per annum would be extended for setting up new micro enterprises from this fund.

The fund was launched by Assam chief minister Tarun Gogoi at a conference of general managers of District Industries and Commerce Centres (DICCs).

Gogoi has made provision for Angel fund for micro enterprises in his budget for 2014-15. The government has announced that it will contribute Rs 10 Crore to this fund. 

A MoU to this effect was signed by the state government and Regional rural bank, Assam Gramin Vikash Bank here yesterday.

Under the scheme, a maximum loan amount of Rs 5 lakh at only 5 per cent interest per annum with no interest to be charged during the moratorium period for maximum 10 months would be extended for setting up micro enterprises.

Around 80 per cent of the project cost for existing units and 85 per cent for new units without mortgage are being offered under the special fund. 

"Our government will raise the maximum loan amount under the scheme from the existing Rs 5 lakh so that the young entrepreneurs can go in for expansion of their businesses. Today's unveiling of the scheme is just a beginning. We have to go on a Mission Mode for the overall growth of the MSME sector in the state," Gogoi said.

He further said the MSME sector has to play a major role in solving the unemployment problem in the state as there is less scope of big industries coming to the state because of non-availability of required land and limited scope of white collar jobs. 

The chief minister also announced a special scheme for the traditional and indigenous industries in the state.

"Our government will come up with a new scheme to promote the traditional industries such as bell metal, ornaments, bamboo, handloom and handicrafts."

On the other hand, Minister for Industries and Commerce, Pradyut Bordoloi said "We have identified about 50 skilled disciplines that are in great demand.” He said the state has received proposals worth Rs 20,000 crore. 

Meanwhile, Additional chief secretary, industries and commerce, RT Jindal said the state has achieved 6.95 per cent growth in the manufacturing sector as against an all-India average of 0.24 per cent. In the service sector, it has attained a growth of 15.31 per cent as against the national average of 14.20 per cent.

Jindal further said there have been investments to the tune of Rs 1,774 crore in the MSME sector in the last four years. (KNN/SD)