Mumbai: Maharashtra Industries Minister Uday Samant on Thursday announced increase in the subsidy outlay for small scale businesses to Rs 550 crore for the current financial year.

Entrepreneurs who need capital of Rs 10 to 20 lakh to start a business will benefit from this subsidy, he said.

Earlier, the outlay was Rs 141 crore per year. “If such a person employs at least two persons, and we have set a target of helping at least 25,000 people, then we will be able to generate employment for 75,000 persons,” the minister said.

“Earlier, such subsidy was available only to people from SC, ST categories, women, Divyang persons and retired military officials. The state has now decided to extend the subsidy to OBCs, Nomadic Tribes and minorities as well,” Samant added.

The government has received complaints about nationalised banks not extending support to such loan applicants, the minister said, adding that now the subsidy will also be distributed through district cooperative banks.

The state would hold a conference chaired chief minister Eknath Shinde where top 30 industrial houses in the country will be invited to either set up their plants in the state or expand the existing ones, Samant said.