The scheme is administered by the Industries and Commerce Department of the Union Territory of Puducherry.

The scheme was introduced under the New Industrial Policy 2016, which was implemented on 4th October 2016.

Recipients of this award receive a cash prize of ₹2,00,000/- along with a citation in recognition of their innovative contributions.

Awards are given in categories such as Outstanding Entrepreneur, Outstanding SC/ST Entrepreneur, Innovation in Technology (Product or Process), Outstanding Exporter, and Outstanding Artisan of the Year.

Recipients of the awards are granted a cash award of ₹2,00,000/- along with a citation.

The Committee consists of the Director of Industries and Commerce, Puducherry as Chairman, along with members from various departments such as DSTE, Finance, District Industries Centre, and Directorate of Industries and Commerce.

The Committee evaluates the merits of each case for the grant of the award and makes final decisions regarding the awards.

Yes, one of the conditions is that the industrial unit must provide at least 60% of employment to the people of the Union territory of Puducherry out of its total employment strength.

The Director of Industries notifies and informs the selected enterprises about their eligibility to receive the awards.

The need for a new policy arose due to factors such as the inability to achieve anticipated growth in the industrial sector after the introduction of the Industrial Policy 2013, global economic recession, and differences in taxation.

The Gazette notification for the new Industrial Policy, 2016 was issued on 4th October 2016 through G.O. Ms. No. 7/2016/Ind.A, Puducherry.

The awards aim to motivate entrepreneurs to start industries and provide fiscal assistance to industries, aligning with the Government of India's renewed emphasis on the manufacturing sector and creating additional employment opportunities for the youth.