CMSTEI Scheme 2023:- Telangana Scheduled Tribes Co-operative Finance Corporation Ltd (TRICOR), Tribal Welfare Department, Telangana state come up with an innovative scheme that aims to promote industrialization and entrepreneurship among Schedule Tribes. CMST Entrepreneurship & Innovation Scheme focuses specifically on the development of industrial infrastructure in areas inhabited by Schedule Tribes. With the help of this scheme, eligible ST Entrepreneurs will get financial assistance for setting up enterprises through TRICOR under CM ST Entrepreneurship & Innovation Scheme. The ST Entrepreneurs will also get support to expand their existing businesses through well-designed Business Plans.
CMSTEI Scheme Objectives
- It will help in promoting economic growth and employment generation.
- The scheme provides financial assistance for the development of basic and social infrastructure that is needed to set up industries in areas inhabited by Schedule Tribes.
- The innovative scheme will promote entrepreneurship culture among Scheduled Tribes.
- The scheme is implemented to create new decentralized income generating avenues at the District & Agency area itself.
- It will help in providing innovative business solution.
- CMSTEI Scheme motive is to generate employment opportunities and promote economic growth.
CMSTEI Scheme Eligibility Criteria
- It is necessary for an individual to be a graduate of any stream.
- The age of the candidate should be in between 21 to 40 years.
- The priority will be given to prospective entrepreneur with innovative ideas.
- Highly qualified technocrats will be given preference.
- Startup entrepreneurs are allowed to be a part of the scheme.
- It is compulsory to have good credit history with the Bank.
- Entrepreneur should have a knowledge & experience in the proposed activity.
- Individual with 2 years of working experience will be considered.
- An individual should be capable enough to invest 10% of the unit cost as Beneficiary Contribution according to scheme rules and regulations.
- Individual whose family member has already received the benefit of this scheme is not allowed.
- Aadhar Card
- Proof of Educational Qualifications.
- Date of Birth Certificate/S.S.C issued by the competent authority.
- Community Certificate issued by the competent authority,
- Certificate of Residence/Nativity issued by the competent authority.
- PAN Card.
CMSTEI Scheme Selection Procedure
- Firstly, an individual will be selected at Dr.B. R Ambedkar Open University, Hyderabad. At the university, the candidates have to give the Screening Test that is objective type and essay type. For the preliminary selection, the minimum qualifying marks is 50% in each category that are Objective Type and Essay type.
- According to the performance in the Screening Test, the candidates will be shortlisted for the final selection.
- For the final selection of the candidates, the Indian School of Business OSB), Hyderabad will conduct the Business Aptitude Test (BAT) and Personal Interview (PI). The Background verification of the applicant will also be done by the respective District Officer.
- After qualifying in the written test, the candidates will be asked for verification of Certificates for the final selection at Indian School of Business (ISB).
CMSTEI Scheme Pattern
Individual has to complete the capacity building training at ISB and it is necessary for them to prepare and submit viable Detailed Project Report to the Bank for financial assistance. After submitting the report, an individual can avail grant support from TRICOR, Tribal Welfare Department. The TRICOR only has the authority to sanction & release the subsidy to the candidates subject to approval of the DPR by the Bank.
- Subsidy – 35% on the unit cost subject to maximum of Rs.50,00,000/- Lakhs.
- Additional 5% subsidy for the enterprises set up in scheduled area, that is, 40%, on the unit cost, subject to maximum of Rs.50,00,000/- Lakhs.
- Additional 10% subsidy for Scheduled Tribe women entrepreneurs that is, 45% on the unit cost, subject to maximum of Lakhs.
- The unit cost has to be bear by the beneficiary as a Beneficiary Contribution,
- Remaining cost will be the loan from the financial institutions like banks.