Industrial Development  Board Incentive to 50  Entrepreneurs

Minister of Industry and Commerce Rishad Bathiudeen said, that the Industrial Development  Board (IDB) is introducing  new projects among  entrepreneurs and contributing   towards  government efforts to create 10 lakhs of  employment  opportunities.

Under IDB’s  concept  of  promoting small  entrepreneurs industry and develop packaging , funds were provided to them.  Minister Rishad  made above observation  at this event  held in the Auditorium in the Ministry of Industry and Commerce.

Minister Rishad further stated that through the IDB ,  we have introduced this new project.  If an  entrepreneurs invests  Rs 2 lakhs in industry  IDB   provides  2 lakhs to them.  This  is a novel  system  to promote industry.  This will pave way for those who have the entrepreneurship  , but reluctant to start an industry due to lack of funds.  Last year on  a trial basis we introduced this system  with selected 5 entrepreneurs and paid them Rs 5 lakhs , which proved success.  This year  we paid 2 lakhs  per entrepreneur for  50 entrepreneurs in the country.  In future’  we propose to extend  and expand this novel system island wide. After the IDB , which is coming under the purview of the Ministry of Industry and Commerce  was handed over to me by the President and the Prime Minister , we have introduced new systems and  used modern techniques in industrial development .  Comparative industrial development done by us is significant. We have achieved  our target in the industrial sector.  New projects are  being introduced  on  district and Predesa Saba level.

IDB  Chairman Mahinda, Senior Assistant Secretary to the  Ministry Asoka, and Minister’s Private Secretary Rifkan Bathiudeen and Ministry senior officers participated in this event.