Launching a Special Seed Fund to Empower Startups by Trans Persons and the Disabled
In a significant move towards inclusive economic growth, the state government has announced the establishment of a special seed fund aimed at supporting startups led by transgender individuals and Persons with Disabilities (PwDs). This announcement was made by the Minister for Micro, Small, and Medium Enterprises (MSMEs), TM Anbarasan, highlighting the government’s commitment to achieving inclusive growth and ensuring equal opportunities for all segments of society.
The seed fund, set to be mobilized through StartupTN, seeks to identify and aid potential beneficiaries across the state, ensuring that entrepreneurial dreams are not hindered by physical or societal barriers. This initiative is a testament to the state’s dedication to fostering a diverse and inclusive startup ecosystem.
Encouraging Employment Among PwDs
In a parallel effort to boost the employment of PwDs within the state’s economy, the government proposes an extension of the payroll subsidy. This extension will be available to all new manufacturing MSMEs that incorporate more than 25% of their workforce from the differently-abled community. Eligible MSMEs will benefit from a substantial subsidy of up to Rs 24,000 per differently-abled employee annually, for the first three years, empowering businesses to embrace diversity in their hiring practices.
Expanding the Startup Ecosystem
The establishment of new regional startup hubs in Coimbatore and Tiruchy is on the horizon for the current financial year, building on the successful foundation of hubs in cities such as Madurai, Tirunelveli, and several others. These hubs play a crucial role in nurturing startups by providing them with necessary resources and guidance.
Further bolstering the state’s global startup presence, the minister announced plans to set up Global Startup Coordination Centres in Singapore and the United States by the 2024-25 fiscal year. These centres will offer crucial support to Tamil Nadu-based startups looking to expand internationally.
Empowering Startups with Design and Credit Solutions
Recognizing the importance of design in product development, a modern design studio, ‘ThozhilNayam’, will be inaugurated at the StartupTN Chennai Metro Hub. This studio is expected to meet the design needs of startups, facilitating the creation of innovative and market-ready products.
In a significant financial boost, the ‘Kalaignar Credit Assistance Scheme’ will be launched, providing micro manufacturing enterprises with easy access to credit. Under this scheme, businesses can avail of loans up to Rs 20 lakh at a competitive interest rate of 7% through TAICO Bank, with an allocation of Rs 100 crore designated for this purpose.
Enhancements in Employment Generation and Innovation Programs
The announcement also included infrastructural developments aimed at fostering entrepreneurship and innovation. The establishment of new tiny and MSME industrial estates in Kancheepuram and Dindigul districts, respectively, promises substantial employment generation. Additionally, the School Innovation Development Project (SIDP) will be expanded to all government high schools, covering students from classes 6 to 12, nurturing innovation from an early age.
These strategic initiatives illustrate the government’s dedication to creating a supportive ecosystem for startups, particularly those led by trans persons and PwDs. By providing financial, infrastructural, and institutional support, the state aims to pave the way for a more inclusive and diversified entrepreneurial landscape.
