Sikkim

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KEY INDUSTRIES / SECTORS:

Tourism

Agriculture

Floriculture

Tea

Pharmaceuticals

POTENTIAL INDUSTRIES:

MSME Schemes for Sikkim: You can see the list of schemes offered by MSME Gangtok by clicking here:

Marketing Support: MSME Enterprises are periodically invited to Vendor Development Programmes, Exhibitions, Trade Fairs etc. for participation to broaden their marketing network. Short-term training courses on marketing management are conducted to update their marketing skill and knowledge

Capacity Assessment: MSME’s use scarce raw materials. They are assessed based on their needs and allocated such raw material.

Preparation of Project Profile: MSME-Development Institute, Gangtok is preparing a good number of new project profiles every year under the action plan activities of MSMEDO. The profiles are available at the institute’s library for reference to the entrepreneurs.

Appraisal of Project Report: To assist the entrepreneurs, SSI units and other Government and Semi Government agencies, project reports are evaluated and appraised at MSME – Development Institute, Gangtok.

Quality Certification Scheme: Launched to give financial incentive to those MSEs who acquire ISO-9000, ISO-14001, or HACCP Certification, reimbursing 75% of their costs of obtaining certification, subject to a maximum of Rs. 0.75 lacs per unit.

Highlights of the New Industrial Policy Sikkim 2003:

New industrial units and existing industrial units on their substantial expansion are entitled to 100% (hundred percent) income tax and excise duty exemption for a period of 10 years from the date of commencement of commercial production.

All New industries in the notified location would be eligible for capital investment subsidy @ 15% of their investment in plant & machinery, subject to a ceiling of Rs. 30 lakh.

An interest subsidy of 3% on the working capital loan would be provided to all new industrial units in notified locations for a period of 10 years after the commencement of commercial production.

The insurance premium to the extent of hundred percent on capital investment for a period of 10 years would be extended by the Central Government to all new units and to existing units.

Read more here >

Prime Minister’s Employment Generation Programme (PMEGP): Under this programme, financial assistance is provided for setting up of micro enterprises each costing up to Rs. 10 lakh in service sector and Rs. 25 lakh in manufacturing sector. The assistance is provided in the form of subsidy upto 25 percent (35 percent for Special category including weaker sections) of the project cost in rural areas while it is 15 percent (25 percent for Special category including weaker sections) for urban areas.

NEDFI: NEDFi has a special focus on development of entrepreneurs in the region. Entrepreneurship in the real sense is still at its nascent stage in the NE. NEDFi has started Business Facilitation Centre (BFC) for providing consultancy and supports in setting up a business enterprise. BFC helps in preparing project report and provides information about various incentives available in the region. Read more here >

Schemes by North eastern development finance corporation ltd:

Rupee Term Loan (RTL) Scheme: To provide medium to long term financial assistance for setting up of new, expansion, diversification or modernization projects in various manufacturing or services sector. The assistance shall be in the form of Rupee Term Loan.

Equipment Finance Scheme: For financially sound companies, loans are provided for the purchase of equipment.

Corporate Finance Scheme: For providing finance such as normal capital expenditure, working capital margin, shortfall in working capital, repayment of high cost debt and general corporate purpose like funding of business acquisition or for brand building etc. where no tangible asset creation may be envisaged.

Working Capital Term Loan Scheme (WCTL): Upto a Maximum of 75% of the working capital requirement of business for one cycle of operation is provided to deserving units in the form of working capital term loan.

NEDFI Equity Fund Scheme: To invest in projects promoted by entrepreneurs in North-Eastern Region having sound business ideas with potential for high growth and more than normal returns on investment.

NEDFi Opportunity Scheme For Small Enterprises : To provide long term financial assistance for setting up a new industrial and infrastructure projects as well as for expansion, diversification or modernization of existing industrial enterprises excluding Commercial Real Estates.

North East Entrepreneur’s Development Scheme [NEEDS]: The objective of the scheme is to help first generation entrepreneurs who are short of equity.

Benefits can be extended to Proprietorship & Partnership Concerns and Companies. Technical qualification of the promoter in the relevant field is a pre-requisite.

Sikkim Manipal University: The institute offers an MBA course and has an entrepreneurship development cell to inculcate entrepreneurial culture within the student community. In addition, they offer BBA in Entrepreneurship management. Read more here > See details of the MBA program here >

SRM University Sikkim: The institute offers MBA with a specialisation in Entrepreneurship. They also conduct workshops and industrial visits on the subject. Read more here >

EIILM University: Offers a course on Entrepreneurship Management. Read more here >

MSME – Development Institute, Gangtok: The main function of MSME – Development Institute, Gangtok, is to provide Techno-Economic and Managerial assistance to existing enterprises as well as to prospective entrepreneurs. Read more here >

In Summary – Sikkim and Entrepreneurship:

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To know more about how Sikkim is building a vibrant entrepreneurship ecosystem, click here.

Data Sources for Sikkim: 

Note: Policy details provided here are for the purpose of information only. Please verify the latest information from the relevant Government or MSME website of the state. Other data and information is curated from various websites and public documents. In case you have any corrections, additions, or suggestions, please share the same with us, and we’ll be happy to incorporate them here.