Turning engineers into entrepreneurs
R. Krishnamoorthy
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TIDITSSIA's initiative is aimed at helping engineering students who cannot secure placement in campus recruitment but have the potential to make it big as entrepreneurs.
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Even as arts and science colleges in Tiruchi and surrounding districts have realised the importance of starting Entrepreneurship Development Cells, in deference to a fiat of the Bharathidasan University, the Tiruchi District Tiny and Small Scale Industries' Association (TIDITSSIA) has undertaken a major initiative to usher in the culture in entrepreneurialism engineering colleges.
Roping in experts from different fields, the TIDITSSIA has, since the start of the year, sensitised students of Mookambikai College of Engineering, J.J. College of Engineering and Technology, Shanmuga Arts, Science and Technology Research Academy (SASTRA), and Bishop Heber College to various facets of entrepreneurship, starting from motivation, identification of projects, conduct of market research, and obtaining certification from different government departments to bank loans.
It conducts the programme under the aegis of its Entrepreneurship Development Programme for final-year Science and Technology students, with funding from the Madurai-based Centre for Entrepreneurship Development (Tamil Nadu). EDP is in the offing in Srinivasa Polytechnic and Jamal Mohamed College. The initiative will continue, and during the next year, about 30 colleges are to be covered under the programme.
The TIDITSIA hit upon the idea to tap the immense human resource potential inherent in Engineering students who pass out in thousands every year, but find themselves unemployed or underemployed. "Only the creamy layer of the students secure placements in campus interviews and there are still thousands of above average candidates who have the potential to make it big as entrepreneurs, either individually or as a group," says C. Ramaswamy Desai, EDP coordinator, TIDITSSIA.
Banks are flush with funds and the Government also offers sops in the form of subsidies and single-window clearance of projects. The upper limit of loans for a tiny industry is Rs. 25 lakhs, and for setting up a small scale industry, a prospective entrepreneur with a convincing project report can avail a loan up to Rs. 1 crore towards installation of plant and machinery alone.
What the banks require is a viable project report. "It is necessary for the students to know the particulars of Employees' State Insurance, Provident Fund, and the approach to obtain approval from the Revenue department, Inspector of Factories, Tamil Nadu Electricity Board, Health Department, Fire Services Department and the Tamil Nadu Pollution Control Board. "We will assist prospective entrepreneurs in establishing their units and sustain our guidance. An enthusiastic student can don the mantle of an entrepreneur within a maximum of nine months from the date of the initiating the process," says Mr. Desai. TIDITSSIA is prepared to prevail upon bankers to bring prospective entrepreneurs under the ambit of Credit Guarantee Trust Fund scheme, wherein the need for furnishing collateral security is obviated. In case of contingency, SIDBI and the Centre, would repay 70 per cent of the loan. The entrepreneur has to pay 2.5 per cent of the loan amount to SIDBI and one per cent every subsequent year. The TIDITSSIA has in its kitty 400 projects for the consideration of potential entrepreneurs. Students are provided access to them at a nominal fee of Rs. 50 per project report. For details, dial 2418711.
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