Agartala, November 27, 2023: The Department of Industries and Commerce on November 24 last announced the significant impact of the ‘Swabalamban’ scheme in fostering the establishment of 10,462 Micro, Small, and Medium Enterprises (MSMEs) in Tripura over the past five years. This initiative, boasting a financial value of Rs 291 crore, has provided employment opportunities for 29,159 individuals.

In a bid to further empower unemployed youth and self-help groups in the state, the Tripura government has launched a cutting-edge digital platform. Industry and Commerce Minister Santana Chakma inaugurated the portal, www.swavalamban.tripura.gov.in on November 21, 2023.

The newly unveiled portal aims to simplify the process of accessing information and applying for the Swabalamban scheme. This flagship initiative of the state government is designed to promote the growth of micro, small, and medium enterprises (MSMEs) while concurrently generating self-reliant employment opportunities.

Under the Swabalamban scheme, the government extends loans of up to Rs 1 crore, accompanied by a substantial subsidy of 30 percent (35 percent for women). Additionally, each project can receive a maximum subsidy of Rs 1 lakh.

In a proactive move, the Department of Industries and Commerce revised the guidelines for the Swabalamban scheme in the fiscal year 2019-20. The revisions were aimed at enhancing the convenience and attractiveness of the scheme for aspiring entrepreneurs.

The Swabalamban scheme is inclusive, covering individuals, partnerships, self-help groups, and cooperative societies within the age group of 18-50 years.

This strategic initiative not only highlights the success of the Swabalamban scheme in fostering economic growth but also emphasizes the Tripura government’s commitment to providing accessible avenues for self-employment, ultimately contributing to the state’s overall development.