Puducherry Chief Minister V Narayanasamy on Tuesday came down on banks here for adopting an "utterly discouraging" stance and turning away young entrepreneurs intending to start industries.
Inaugurating a 'Start Up Summit' organised by the CII here, the Chief Minister was highly critical of the banks and officials in the Union Territory over granting loans to graduates.
He alleged instead of encouraging young graduates to start their industrial units, hefty sums were made available to big shots who make a flight by night and were responsible for accumulation of non-performing assets in the banks.
"I am really pained to see how the young industrial aspirants are left in the lurch because of time consuming procedures and unconcerned attitude on the part of the banks in extending loans," he said.
Narayanasamy launched a scathing attack on government officials for delay in processing of applications from young graduates to start units in Puducherry.
"The applicants would lose all zeal and enthusiasm at the end of the grilling questions the officials pose to them," he said and asked the officials to show a change in their mindset.
Noting that the government had rolled out a start up policy, he said very soon necessary assistance would be extended to the young graduates to go in for research projects.
The territorial government had already initiated steps to upgrade the government run Engineering College into a technological University, the Agricultural college in Karaikal into a farm university integrating within its ambit fisheries and animal husbandry, he said.
The Chief Minister specifically asked the banks to implement the MUDRA scheme evolved by the Prime Minister in letter and spirit so that the targeted sections are benefitted without any hassles.
He recalled that during his recent visit to Singapore along with Industries Minister M O H F Shah Jahan a number of private entrepreneurs had evinced interest to start industrial parks, IT parks, Greenfield airport in Puducherry through PPP mode.
A joint approach by government, banks, CII and other stakeholders was necessary to tap talents of young graduates passing out of colleges here, he said.
PWD and Industries Minister M O H F Shah Jahan also spoke on the occasion.
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