Mukhya Mantri Yuva Swarozgar Yojana : Employing the Youth

This MMYSR talks about : the objectives,eligibility,application procedure,benefit from the schemes, more about the scheme.

Mukhya Mantri Yuva Swarozgar Yojana :

                                              Employing the Youth

 

Mukhya Mantri Yuva Swarozgar Yojana : Employing the Youth

Mukhya Mantri Yuva Swarozgar Yojana :
Employing the Youth

INTRODUCTION:

It is true that the exponentially increasing population is unable to match the corresponding employment rate.There is a large section of educated yet unemployed youth.Some of them, are quite ambitious and had a keen interest in starting their own business.For the assistance of such aspiring youth, the government of Madhya Pradhesh had launched a financial scheme (Chief minister’s Youth Self-Employed Scheme).

Mukhyamantri Yuva Swarozgar Yojana (MMYSY), started on 1st August 2014 is a financial assistance scheme help people get loans from banks to setup their own small business. The MP Government under the scheme provides margin money assistance, interest subsidy, loan guarantee and training to the beneficiaries.

MORE ABOUT Mukhyamantri Yuva Swarozgar Yojana(MMYSY):

OBJECTIVE:

Recently, Madhya Pradesh Chief Minister Shivraj Singh Chouhan announced a slew of schemes, including interest subsidy and bank guarantee on loan for setting up industry, for the youth. Notable among them is `Mukhyamantri Yuva Swarojgar Yojana, a self-employment scheme under which government will give 5 percent subsidy on interest and 100 percent bank guarantee on a loan of Rs 25 lakh for setting up an industry. On small-scale industries requiring an investment of Rs 50,000, government will give 20 percent margin money, 100 percent guarantee on bank loan and 5 percent subsidy on interest. The scheme will motivate the youth to go for self- employment in a big way.

The main objective of the scheme is to promote entrepreneurship in the Madhya Pradesh without the need for collateral security.

Eligibility for Mukhyamantri Yuva Swarozgar Yojana:

  • Only the permanent residents of MP are eligible to avail the scheme benefits.
  • The applicant should have passed at least 5th Class.
  • Age of the applicant should be between 18 to 45 years.
  • The applicant should not have been declared defaulter by any of the nationalized or private sector banks.
  • The applicant should not already be getting assistance under any state run schemes.
  • The scheme is available only to set up industry/service company/business.

Financial Assistance Under the Scheme:

  • The project cost under the scheme should be between Rs. 20 thousand to 10 Lakh.
  • The government will grant interest at a rate of 5% of the cost of project (Max. 25K) per year till 7 years.
  • The guarantee fee will be paid at the current rate for up to 7 years.
  • State Government will provide 20% of the project cost as Margin Money or Maximum Rs. 10000 one shot basis for project cost up to Rs. 50000.

How to apply for Mukhyamantri Yuva Swarozgar Yojana:

  1. The application forms are available for free in the related district office.
  2. The application forms will then be reviewed and sorted. Applicants with incomplete forms will be called to complete the missing details in the forms.
  3. The applicants are required to submit the general project report of proposed project along with the application form.
  4. Application forms will then be presented to the selection committee of respective department elected under the scheme.
  5. Non-Eligible applications will be rejected.
  6. Loans for the accepted applications will be disbursed within 15 days after the acceptance of the application.

After the loan disbursement, the applicants will be given training for the development of their industry/businesses by the government.

The detailed guidelines of Mukhyamantri Yuva Swarozgar Yojana are available . CLICK HERE TO READ (HINDI)

CONCLUSION :

Panchayat and Rural Development Department for Rural Areas and Department of Commerce, Industries and Employment for Urban Areas will be the implementing agencie. 68386 youths have been benefited under the scheme so far. 13250 and 10834 of the total number belong to scheduled caste and scheduled tribes.

MMYSR was a game changer for Micro and Small Enterprises providing them a platform to start their business and execute their plans.

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