The North-East region has emerged as a promising hub for startups, sparking a wave of entrepreneurial enthusiasm. The seven states in the North-East region including Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram and Nagaland, Tripura boast around 1283 DPIIT-recognised startups in various sectors.
According to Startup India, Nagaland has 44 startups with Education Technology being the prominent sector. Manipur has 105 startup ventures with Freight & Logistics Services leading the startup ecosystem there. Mizoram has 21 DPIIT-recognized startups with the Food Processing sector dominating.. Assam leads with 985 DPIIT-recognized startups with Construction & Engineering being the highlight. Meghalaya has 38 DPIIT-DPIIT-recognised startups with Business Support Services being the main focus and Tripura has 80 startups with Construction & Engineering sector taking a lead.
It is clearly evident from these figures that the startups and entrepreneurs from the agriculture sector need a boost as it is not the leading sector in any of the seven states. In a bid to boost and foster agri startups and entrepreneurs, Startup India has introduced the IDEA scheme.
The Innovative Development for Employment Advancement (IDEA) scheme, has captured the essence of fostering agribusiness startups and propelling them toward prosperity. In this comprehensive article, we delve into the intricate details of the IDEA scheme, its objectives, its impact, and the way it is reshaping the agribusiness landscape in the North-East.
What is the IDEA Scheme?
The IDEA scheme is a strategic initiative meticulously designed to breathe life into the agribusiness sector within the North-East region. Rooted in the concept of sustainable development, the scheme aims to revolutionize the rural landscape by generating employment opportunities that resonate deeply with local communities. Through this initiative, the focus is not just on employment creation but also on ensuring access to supplementary resources, input supplies, and essential services.
What are the benefits of the IDEA Scheme?
The IDEA Scheme offers a significant advantage in the form of a composite loan, which includes both a term loan and working capital. The scheme provides a maximum project size of Rs. 25 lakhs for the term loan, with the potential to cover up to 75% of the total project cost. Meanwhile, the remaining 25% of the project cost is expected to be contributed by the promoter. This financial arrangement empowers entrepreneurs by providing them access to the necessary capital for their agribusiness ventures, fostering growth and prosperity within the #NorthEast region.
What are the eligibility criteria for applying to the scheme?
- Graduates and Postgraduates in agriculture and allied subjects.
- Graduates and Post-graduates from other disciplines having experience and skill to undertake Agri-Business ventures can also be considered.
- The proposed units could be proprietorships, partnerships or a company.
- The promoter or their units must not be a defaulter in any government scheme and /or with any bank or any other agencies.
- The proposed unit for which financial assistance is sought should be located within any of the eight North-Eastern States.
How to apply for the IDEA scheme?
To apply for the IDEA Scheme, you are required to submit your application to the Chairman and Managing Director of NEDFi. The application should be sent to the following address: G.S. Road, Dispur, Guwahati – 781006. It is important to ensure that you use the prescribed format provided by NEDFi when submitting your application. This step is crucial in initiating the process of availing the scheme's benefits and support for your agribusiness venture in the NorthEast region.
How will the IDEA Scheme help entrepreneurs in NorthEast India?
The IDEA scheme is not just another policy; it's a profound paradigm shift that has ushered in transformative changes. The impact reverberates across various dimensions, creating a ripple effect that has the potential to reshape the NorthEast's socio-economic landscape.
Economic Upheaval: The agribusiness ventures catalyzed by the IDEA scheme have injected new life into the region's economy. With increased economic activity, there's a surge in income levels, thereby enhancing the overall prosperity of rural communities.
Skill Development: Through entrepreneurship and agribusiness training, the scheme has honed the skills of local individuals, empowering them to take charge of their destinies. This skill enhancement not only benefits their own ventures but also contributes to the larger industrial workforce.
Sustainable Agriculture: The scheme has sparked a renewed interest in sustainable agricultural practices. By promoting responsible farming methods and technology adoption, it paves the way for ecological harmony and long-term agricultural viability.
The IDEA scheme stands as a beacon of hope, illuminating the path toward agribusiness prosperity in the #NorthEast region. Through its visionary objectives and transformative impact, it has breathed life into rural communities, fostering employment, skill development, and sustainable growth. As the scheme continues to evolve, it not only outpaces existing paradigms but also charts a new trajectory towards a brighter, more inclusive future for the agribusiness landscape.