Awanish Chandra, a B.Tech (Mechanical Engineering) student at Institute of Technology and Management (ITM) College, Gorakhpur, sometime ago planned of making electric vehicles and rechargeable batteries. On completion of studies Chandra started working in a big battery company. But always in pursuit of his dream, Chandra finally quit his job and started his own company. But the biggest challenge was to get the much needed funds, because a lot of money is spent on R&D (Research and Development).
His quest finally ended with the newly appointed DM of Sant Kabir Nagar district and 2014 batch IAS officer Prem Ranjan Singh. The DM assured them of all possible help and asked them to prepare their project report first.
After that, Mr Ranjan asked him to apply under CM Self Employment Scheme in District Industries Centre at Sant Kabir Nagar. Eventually, Chandra’s loan of Rs 25 lakh was sanctioned, out of which he has received Rs 19 lakh.
Speaking with Indian Masterminds, Mr. Ranjan said, “We support potential start-ups plans and will help as much as possible. This will not only boost self-employment, but also generate employment at local level. Chandra is a brilliant mind. I could see potential in Awanish’s project. With Mukhyamantri Yuva Swarojgar Yojana (MYSY), we provided him loan and subsidy.”
LI-ION ASSEMBY LINE
After getting loan, a successful assembly line to make lithium ion batteries has been started. Chandra’s company ‘Ejoule Technologies Private Limited’ will start to make lithium ion batteries in 2 months. Right now, R&D procedure is going on. Chandra wants to make batteries which last longer and can be easily changed in the vehicle. Not only this, but he also wants to make his own electric vehicle soon.
“I wasn’t aware of this scheme. But district administration supported me at every step. Being an engineer himself, Mr. Ranjan understands things better about start-ups,” Chandra told Indian Masterminds.
MYSY & ITS PROCEDURE
Under Chief Minister’s Youth Self-Employment Scheme, state government provides financial assistance up to Rs 25 lakh so that the youth can get financial assistance at a low interest rate for self-employment. There are two sectors in this scheme i.e. Industrial Sector & Service Sector. The Maximum loan amount for Industrial Sector is Rs. 25 Lacs and that of Service sector it is 10 Lacs. Under this Scheme, a maximum subsidy of 25% will be provided on the loan.
Mr. Ranjan said, “For obtaining loan under this scheme, an aspirant has to submit a application form with his project report to District Industries Centre at district level. Then, officials will evaluate the project report and seeing all potential in it, further process the procedure.”
