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789 youths become self-reliant through Mukhya Mantri Yuva Udyami Yojana

Saturday - February 10, 2018 12:55 am , Category : MADHYA PRADESH

Financial assistance of Rs 242.64 crore by state government 

Bhopal: The youth of the state are taking more interest in establishing their own enterprise and becoming self-reliant through Mukhya Mantri Yuva Udyami Yojana. In the ongoing financial year till the month of December, 789 youths have taken benefit from the scheme to set up their own enterprise. Over Rs 242 crore 64 lakhs financial assistance has been made available to these youths under the yojana.

Giving this information, Minister of State (Independent Charge) Micro, Small and Medium Enterprise Sanjay-Satyendra Pathak said that a loan assistance of Rs 525 crore will be provided to 1500 young entrepreneurs under the scheme in the current financial year. An amount of Rs 242 crore 64 lakh 86 thousand has been approved in 789 cases so far. The remaining cases of 499 young beneficiaries are being sent to the banks for approval soon.

As many as 195 beneficiaries of 8 districts of Indore division have been provided Rs 62 crore 51 lakh 85 thousand as loan in this financial year under the Mukhya Mantri Yuva Udyami Yojana. At division level, this number is the most in state. In Jabalpur division, 131 young beneficiaries of 8 districts have been granted loan of Rs 52 crore 18lakh 81 thousand.

Requisites of the scheme and provision of financial aid

The benefits of Mukhya Mantri Yuva Udyami Yojana is provided to only youths to set up their own enterprise. Loan provided under the scheme is from Rs 10 lakh to Rs 2 crore. The beneficiary’s age should be between 18 and 40 years and he should be minimum 10th pass. There is no income limit for the beneficiary. The applicant’s family should not have an established enterprise/trade and should not be an income tax payer. The government will provide margin money of maximum 15 percent (maximum Rs 12 lakh) of the project cost for the general category and 20 percent of project cost (maximum Rs 18 lakh) for the BPL category.

There is provision for interest grant of 5 percent per year for male entrepreneur and 6 percent per year for female entrepreneur for maximum 7 years and up to maximum Rs 5 lakhs on the capital cost of the business project. There is provision of guarantee fees for maximum 7 years under the scheme. The special characteristic of the scheme is that the entrepreneurs will be provided training The department responsible for implementation of the scheme will prepare the entire information and with the permission of the Finance Department, the young entrepreneurs will be trainined. The scheme is being implemented by MSME Department, Scheduled Caste Welfare and Tribal Welfare Department.-Window To News
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