Stalin launches entrepreneurship programme to aid ex-servicemen

Chief Minister M.K. Stalin on Tuesday launched the ‘Mudhalvarin Kaakkum Karangal’ scheme to help former servicemen take up entrepreneurship.

Mr. Stalin launched the distribution of aid to 155 former servicemen, who would receive a total of ₹24.43 crore, including a 30% capital subsidy for their businesses.

In the first phase of the scheme, a total of 348 beneficiaries would get ₹50.50 crore in aid, including a 30% capital subsidy and a 3% interest subsidy, which is expected to reduce the financial burden on former servicemen taking up entrepreneurship.

All applications received under the programme would be scrutinised by a district-level task force committee before being recommended to banks. After a scrutiny by the banks, a provisional sanction would be granted. Those who obtain the provisional sanction would be provided training at the Entrepreneurship Development and Innovation Institute in Chennai. Loans would then be sanctioned for their proposals.

Minister N. Kayalvizhi Selvaraj, Chief Secretary N. Muruganandam, and senior officials were present at the event.