Centre to set up incubation centres in 6 govt ITIs in Telangana
The Livelihood Business Incubator Scheme aims to strengthen the innovation ecosystem for the MSMEs to make them more competitive and sustainable, a senior official said.
Hyderabad: As part of the union Micro, Small & Medium Enterprises Ministry-funded Livelihood Business Incubator (LBI) Scheme, six government Industrial Training Institutes (ITIs) in Telangana have been identified for establishing incubation centres to promote entrepreneurship among youth. The incubation centres will be set up at the government ITIs at Sircilla, Wanaparthy, Khammam, Nizamabad, Medchal and Karimnagar districts.
According to officials of the Department of Employment and Training, the prime focus of these incubators would be to create jobs at the local level and reduce unemployment by creating a favourable ecosystem for entrepreneurial development. As part of the initiative youth would be imparted entrepreneurship, skill development training, mentoring and hand-holding with facilitation for funding with a view to empower them to set up their own business enterprises in these incubation centres, they informed.
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The Livelihood Business Incubator Scheme aims to strengthen the innovation ecosystem for the MSMEs to make them more competitive and sustainable, a senior official said.
Giving details about the scheme, he said that those interested in setting up their unit after completing training, a one time grant of 100 percent of the cost of plant and machinery, other than land and infrastructure, up to Rs 1 crore, for government agencies and for Public Private Partnership(PPP) mode with government , a one-time grant of 50 percent of cost of plant & machinery, other than the land and infrastructure, or Rs 50 lakh, whichever is less would be provided.
In case of LBIs to be set up by private applicants, a one-time grant of 75 percent of cost of plant & machinery other than the land and infrastructure or Rs 15 lakh, whichever is less would be provided.
Additionally to improve the quality of training and placements, 55 ITIs of the State have entered into an Memorandum of Understanding(MoU) with 55 industries, he official informed.
Through the Department of Employment and Training, the State government is offering both long-term and short-term training to youth in the State to assist in developing industry oriented skills.
There are 299 ITIs, providing training across 36 different trades in the State. Of these, 235 are run by private management and 64 are run by the government. Since 2014, a total of 2,07,974 students have been trained, out of which 62,316 have been placed successfully, the officials informed.
