More than 10,000 cases have been forwarded to banks under Mukhyamantri Yuva Swarozgar Yojana launched in the State from April 1 with a view to helping youths set up their own business. The scheme targets to assist 50 thousands youth.
Commissioner Industries T Dharma Rao informed that 16,530 applications have been received so far out of which 10,409 cases have been forwarded to banks.
Under the scheme, maximum 2749 cases have been sent to banks in Indore divisions followed by Jabalpur (1677), Bhopal (1369) and Gwalior division (1309 cases). Notable progress has been made in districts of Mandsaur, Gwalior, Datia, Shivpuri, Morena, Damoh, Jabalpur, Chhindwara, Balaghat, Vidisha, Rajgarh, Indore, Khargone, Barwani and Jhabua.
Notably, the scheme is being implemented in rural areas by Panchayats and Rural Development Department and in urban areas by Commerce, Industries and Employment Department. Under the scheme, bank loan is provided to the youth to set up industries, services or business. Beneficiaries are given margin money and loan subsidy.
Applicants having passed ITI, diploma, engineering and possessing modular employable skills certificate are given priority. Besides, priority is also given to applicants belonging to SC, ST and OBC categories, women and disabled persons as well as the beneficiaries trained under Entrepreneurship Development Programme.
Two categories have been prescribed for financial assistance. Under the first category, assistance up to Rs50 thousand is given while assistance of over Rs50 thousand to Rs25 lakh will be provided in the second category.
In the first category, margin money assistance will be 20 per cent (maximum Rs10 thousand). On project cost, 5 percent loan subsidy will be given for 5 years (maximum Rs2000). Maximum Rs500 guarantee fees at the rate of 1 per cent and maximum Rs1000 guarantee service fees will be given at the rate of 0.5 percent (for 4 years).
In the second category, 5 percent loan subsidy on project cost and working capital will be payable to beneficiaries. Maximum guarantee fee at the rate of 1 to 1.50 per cent up-to maximum Rs37,500 and guarantee service fee (for 4 years) up-to maximum Rs75,000 will be given at the rate of 0.5 per cent to 0.75 per cent.