With an Agrarian economy, 83% of the total economy of Tripura is rural and engaged in agricultural activities. Allied agro-based industries, like that of Coir, have an important role in the state’s rural development. Equally indispensable to its growth is the handloom industry, where machine-made textile goods are still unable to match up to the artistic technique and quality of handcrafted textiles.
Prime Minister’s Employment Generation Program:
Scheme of self employment generation.
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North East Industrial and Investment Promotion Policy (NEIIPP), 2007:
Some of the benefits under this policy are:
Excise Duty Exemption
Income Tax Exemption
Capital Investment Subsidy
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Tripura Industrial Investment Promotion Incentive Scheme-2012:
Incentives under this scheme are as under:
– Capital Investment Subsidy @30% on fixed capital investment (with additional subsidy @2.5% to ST, SC and Women Enterprises), subject to a ceiling of Rs.50 Lakhs per enterprises.
– Industrial Promotion Subsidy equal to the net amount (net of input taxes) of the Tripura Value Added Tax (VAT), Central Sales Tax (CST) and any other commodity tax actually paid by an enterprise to the State Government on sale of finished goods, subject to overall ceiling of Rs.50 lakhs per enterprise per annum.
– Partial Reimbursement of Power Charges to the extent of 15% of the power charges actually paid by the enterprise, subject to a ceiling of Rs.12 lakhs per enterprise per year
– Partial Reimbursement of Interest on Term Loans actually paid to banks/ financial institutions to the extent of 3% of the term loans availed by the enterprise, subject to a ceiling of Rs.1.50 lakhs per enterprise per annum
– Partial Reimbursement of floor space rentals for IT Industries (employing a minimum of 15 persons) @20% to the rentals actually paid by the enterprise, subject to an overall ceiling of Rs. 12 Lakhs per enterprise per annum
– State Transport Subsidy for transportation of raw materials and finished products on the pattern of Central Transport Subsidy.
– 85% Exemption from the payment of Earnest Money and Security Deposits to all eligible local enterprises on tenders floated by State Government Agencies
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Science & Technology based entrepreneurship development
Promoted by Tripura state Council for Science & Technology. Read more here >
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 Northeast. 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 (NEDFC) 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): Up to 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.
Women Enterprises Development Scheme:
It aims to provide financial assistance in the form of Term Loan to women entrepreneurs for taking up business ventures. Existing business ventures will also be eligible under the scheme for expansion, modernization and diversification to the skilled women entrepreneurs in the age group of 18 – 50 years.
Tripura University: The institutes MBA offers dual specialization in Entrepreneurship Development & Small Business Management along with traditional areas of Marketing, Finance, and Human Resource Management. Read more here >
MSME – Development Institute, Agartala: Provides a wide spectrum of services to the Micro, Small and Medium Enterprise sector and also equips the unemployed youths with desired skills to enable them to be employed through setting up MSMEs. Read more here >
In Summary – Tripura and Entrepreneurship:
Despite globalisation, the traditional cottage enterprises of Tripura have withstood dual challenges from indigenous and external large-scale manufacturers. However, it is also notable that despite social acceptance of home-grown ventures and entrepreneurship, independent entrepreneurs are yet to register any significant results in Tripura.
In order to make domestic entrepreneurship an important ingredient of socio-economic growth, the government and the entrepreneurs must leverage the natural resources and inherent strength of the state’s traditional small scale enterprises.
To know more about how Tripura is building a vibrant entrepreneurship ecosystem, click here.
Data Sources for Tripura: