Yuva Sahakar Scheme

To meet the aspirations and requirements of the youth, the National Cooperative Development Corporation (NCDC) has announced a youth-friendly scheme called Yuva Sahakar - Cooperative Enterprise Support and Innovation Scheme. Yuva Sahakar Scheme was inaugurated on 14th November 2018, by the Union Minister of Agriculture and Farmers' Welfare under the Ministry of Agriculture and Farmers Welfare. National Cooperative Development Corporation provides financial assistance of Rs.1000 Crore of CSIF (Cooperative Start-up and Innovation Fund). This article explores the highlights of the Yuva Sahakar Scheme.

National Cooperative Development Corporation (NCDC)

NCDC was established in 1963, is a sole statutory organisation functioning as a financial and developmental institution for establishments that are engaged with cooperative sectors. It strengthens and promotes programmes for industries that are related to agriculture, dairy, poultry, livestock, fisheries, cotton ginning and spinning, sugar and notified services like hospitality, transport, rural housing, hospitals/health care centres. etc. The institution raises cooperatives that are represented by large, small and marginal farmers. NCDC is the most favoured financial institution for organisations and works for a developmental scheme called the Mission of New India 2022.

Scheme Objective

The objective of NCDC Yuva Sahakar Yojana is to motivate and promote the entrepreneurs of India in the Cooperative Enterprise and those individuals working for the business. This is done by providing cheaper loans for initiating startups in the cooperative sectors. Yuva Sahakar Scheme is categorised under the entrepreneur's schemes.

Overview of Yuva Sahakar Scheme

The National Cooperative Development Corporation (NCDC) Yuva Sahakar Scheme acts as a trigger to start-up businesses by young entrepreneurs of India with financial assistance up to 80% of the total cost of their project. This assistance is provided to people belonging to the women belong to Scheduled Caste, Scheduled Tribe or PwD. Yuva Sahakar-Cooperative Enterprises Support and Innovation has allocated a sum of Rs.1000 Crore CSIF fund to implement this scheme. The Central Government has been uplifting 'Start-Ups' for starting businesses, where non-conventional opportunities are emerging and promoted.

Features of Yuva Sahakar Scheme

The following are the salient features of Yuva Sahara Scheme:

NCDC has produced a dedicated fund with liberal traits entitling youth to avail the scheme.
The scheme is linked with Rs.1000 crores of the Cooperative Start-up and Innovation Fund that has been authorised by the NCDC.
The scheme provides more incentives to the cooperatives working in the North-Eastern region and the aspirational districts.
Exclusive benefits are provided for women, Scheduled Caste and Scheduled Tribe candidates.
Yuva Sahakar Scheme is a part of Sahakar 22, a Mission for Doubling Farmers' Income by 2022.

Benefits of Yuva Sahakar Scheme

Here are the benefits that can be availed by individuals who are enrolled for Yuva Sahakar Scheme:

The entrepreneurial programme provides fundings for young people in the business.
The financial aid provided by them covers up to 80% of the Cooperative Start-up and Innovation Fund.
The scheme proposes 2% less than the applicable rate of interest that is generally levied on term loans for projects that cost up to Rs. 3 Crore with the inclusion of 2 years moratorium on payment of principal.
An individual's funding is secure and can quickly receive Start-up financial support.

Eligibility for Yuva Sahakar Scheme

The eligibility standards for Yuva Sahakar Scheme is given below:

For candidates under the special category such as women or Scheduled Caste, Scheduled Tribe or PwD, NCDC provides 80% of the total cost of the project.
For candidates belonging to another category that is candidates who do not come under the special class, NCDC provides 70% of the total cost of the project.
All kinds of cooperatives in operation for at least one year are eligible.