Innovative biz ideas given priority in govt contracts

Nagpur

Government has various schemes for professionals. From setting up new businesses to taking existing businesses to new heights, the government provides funding through various schemes.

Professionals should take advantage of these schemes and shape their business, said director of TGN Corporate

Advisor Private Ltd Vijay Somkuvar.

He was speaking at the ‘Augment’ session organised by Vidarbha Management Association at Chitnavis Centre on Sunday.

Although huge talent available in the country, new entrepreneurs face difficulties as they do not get right guidance.

Central government with a view to addressing this difficulty, emphasised on promoting businesses and creating employment opportunities.

Schemes like Startup India and Stand-up India were floated. These schemes were announced in 2016. Loan facility without depositing security credit was made available.

Innovative concepts and inventions were made the only criteria for getting loans under Startup India. Such businesses are also given priority in government contracts.

Loan repayment term is available in intervals of 10 years,  Vijay Somkumwar said. In this the tax is exempted during the three years decided by the professionals.

However, if borrowers a business idea, then the loan can be sanctioned by taking along a partner in that field.

Under Standup scheme, businessmen belonging to scheduled castes, tribes, including women, are given loans to expand their existing businesses.

The businessman has to invest only 15 per cent and the remaining entire loan can be obtained without collateral.

When the time comes to close a business for any reason, the procedure is also very simple. The loan repayment deadline can be sought by requesting the bank. Apart from these schemes, the government has other schemes for business growth. Somkuvar said that it is possible to give the desired shape to the business with less capital or by saving capital. He also cleared the doubts of the members present.

Moderator of session was Harish Patrikar and session in-charge was Sandeep Tibdiwal.