The youth of the State are taking more interest in establishing their enterprises 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 enterprises. Over Rs 242.64 crore 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 242.64 crore 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 62.51 crore 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 52.18 crore.
The benefits of Mukhya Mantri Yuva Udyami Yojana are 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 per cent (maximum Rs 12 lakh) of the project cost for the general category and 20 per cent of project cost (maximum Rs 18 lakh) for the BPl category.
There is provision for interest grant of 5 per cent per year for male entrepreneur and 6 per cent per year for female entrepreneur for maximum 7 years and upto maximum Rs 5 lakh 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 trained. The scheme is being implemented by MSME Department, Scheduled Caste Welfare and Tribal Welfare Department.