Last updated: December 17th, 2019 5:06 PM

Mukhyamantri Yuva Swavalamban Yojana

The Himachal Pradesh Government has laid down the stepping stones for the development of entrepreneurship in the State through the introduction of the Mukyamantri Yuva Swavalabam Yojana. The scheme aims to provide the budding youth with the opportunity of starting self-employment ventures. This article captures the various aspects of the scheme.

Objectives

The scheme is implemented with the primary objective of providing self-employment opportunities to the budding youth by granting them financial assistance. Such a measure is expected to empower the financial and social security of not only the individuals and their families but the State as well, as the higher the number of enterprises, higher will be the opportunities for employment.

Applicability

All the citizens of the State of Himachal Pradesh could be a part of the scheme. The scheme only applies to those individuals whose age is between 18-35 years.

Features of the Initiative

• The scheme applies to the citizens of the State of Himachal Pradesh who have attained the age of 18 but is not more than 35 years old.
• Youths not engaged in any occupation will be receiving a subsidy of 25% on machinery for an investment of Rs. 40 lakhs.
• Women not engaged in any occupation will be receiving a subsidy of 30% on machinery for an investment of Rs. 40 lakhs.
• The Government will provide an interest subsidy of 5% for three years for loans up to Rs. 40 lakhs.
• The Government will offer land to the youths at a trivial rate of 1%.
• The Government has modified the rate of stamp duty on purchase of land from 6% to 3%.
• The State Government has allocated a budget of Rs.80 crores towards the implementation of the scheme.

Application Procedure

The Government has merely announced the scheme and is on the brink of implementing it. Hence the procedures and guidelines for enrollment haven’t yet been specified. It has been suggested that online registrations will be processed either through the website of the Haryana Government or a specified portal.