ROURKELA: The Livelihood Business Incubation Centre (LBIC) at Sector 15 in Rourkela received a fresh lease of life on Thursday, with three central public sector undertakings (PSUs) signing a tripartite memorandum of understanding (MoU) to ensure its continuation for three years.
The LBIC is a joint initiative of the National Small Industries Corporation (NSIC) under the Ministry of Micro, Small and Medium Enterprises (MSME), Rourkela Steel Plant (RSP) under the Union Ministry of Steel and the National Scheduled Tribes Finance and Development Corporation (NSTFDC) under the Ministry of Tribal Affairs.
On the day, officials of NSIC, RSP and NSTFDC signed the fresh MoU. The agreement is expected to facilitate the smooth functioning of the centre for the next three years.
Sources said the centre had been facing severe financial constraints in the absence of a renewed MoU.
As an interim measure, Union Tribal Affairs minister and Sundargarh MP Jual Oram in March this year had announced a grant of Rs 3 crore to ensure its continuation for five years.
The centre was announced in 2018 but became operational in February 2022.
The LBIC was established as an experimental initiative of the Union Ministry of Tribal Affairs to promote livelihood opportunities and entrepreneurial skills among tribal youths.