For the economic and social prosperity of the state, it is most important that the youth of the state should be economically self-reliant, strong, and self-reliant, their work efficiency should be fully utilized, and their self-enterprise should be established according to their working ability so that the state can get the benefit of the overall strength of the youth of the state. If the unemployment rate increase in the country then the whole country can progress.
If you suffer from unemployment and want to do something yourself. Then you have come to the right place. The Chhattisgarh state government has started the Mukhyamantri Yuva Swarojgar Yojana (CG Mukhyamantri Yuva Swarojgar Yojana). With this grand scheme, all unemployed people can be self-reliant. So, if anyone wants further information about this scheme then read on.
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In the current conditions in our society, it has been observed that banks are busy with the supply of credit in the fulfillment of self-employment schemes. The objective of financial institutions is to reclaim their debt. That is the main reason why the youth should get full talent. Despite being functional, in current times loans are not available because banks are not able to get loans. This class is not able to provide security and third-party guarantees for financial institutions.
So if the government wants to solve this problem of self-employment in the long term, it is necessary that financial assistance, support, encouragement, and support be given to them by the state government so that the youth of the state can establish themselves as entrepreneurs and demonstrate their ability and efficiency. It is not only helpful to their families but also helpful for the economic progress of the state. To solve this problem, the honorable chief minister has started the youth self-employment scheme in the state.
CG Mukhyamantri Yuva Swarojgar Yojana 2023
The Chief Minister Youth Self Employment Scheme has been started by every state government of India to make the youth of their state economically self-reliant and establish self-foundation. Entire current updates and information about Chhattisgarh Chief Minister Youth Self Employment Scheme are given below in this article:-
Essential
- In the Prime Minister’s Employment Generation Program 2023, the self-employment scheme of the Government of India, consumers have to provide collateral security for any kind of bank loan. For this reason, loan disbursement is not possible in several cases. Applicants are unable to use the Credit Guarantee Trust Fund given by the Government of India in lieu of Collateral Security due to charging 1.1.5 percent in insertion to the interest.
- There was also a provision to start the Chief Minister’s Self Employment Scheme in point number 10.1 of the industrial policy of the state government for the year 2009-14.
- Banks/ There is also a need to provide mental and economic support to the youth of all states by providing guarantee assistance from their state government in giving timely and easy loans to the youth of the state to set up their foundations.
Main Motive
Government has various great motives to start the Yuva Swarojgar Yojana 2023. Some of them we listed below-
- To provide financial assistance guarantee, training, and follow-up to every youth of all states in setting up foundations, services, and businesses in the form of self-employment, so that youth can quickly, easily, and be empowered to create their own foundations or industries according to their own ability and efficiency. It is not only helpful to their families but also helpful for the economic progress of the state.
- To increase employment opportunities in all rural and urban areas of India by motivating the youth power of each state towards self-enterprise.
- To make a significant positive environment to meet the consumer needs of rural and urban areas from these areas.
- Development of foundations and institutes related to agriculture.
Loans from Banks
Under this grand government scheme, all eligible youth will be given bank loans for construction and business. The loan will be given through financial institutions, the limit of which will be listed below:-
- Manufacturing Enterprise – Project Cost Maximum 25.00 Lakh rupees.
- Service Industry – Project Cost Maximum 10.00 Lakh rupees.
- Occupation – Project Cost Maximum 2.00 Lakh rupees.
The entire project cost will not include the amount of land and a maximum of 20% of the proposed amount under permanent capital investment will be verified in the building item.
Guarantee fee and annual service charge assistance
In order to smooth and ease loan approval by banks or financial institutions, all the state governments will pay the entire guarantee fee and annual service fee payable under the Credit Guarantee Trust for Micro and Small Enterprises Scheme of the Government of India to create industries and service foundations. No guarantee fee for areas of business. An annual service charge will not be paid to any consumers. The assistance of guarantee fee and annual service charge will be given below:-
| Category of applicants: | Guarantee fee/fee for Credit Guarantee Trust of Government of India. annual service charge |
| Guarantee fee: | The on-loan amount sanctioned by general category banks/financial institutions and the annual service charge levied for the next 04 years |
| .J./ A.J.J./ A.P. Class/ Minority/ Lady/ Handicapped/ Ex-Servicemen | Guarantee fee on loan amount sanctioned by Naxal-affected banks/financial institutions and annual service levied for the next 4 years |
Interest Subsidy
Interest Subvention – Banks/Banks Interest subvention on term loans and working capital expended by financial institutions will be provided after the establishment of the industry as follows:
| General category: | 5% grant from the date of the first loan expending (up to a period of five years) Maximum limit on term loan 50000 rupees per annum 25000 rupees per annum on the working capital loan. |
| A.J./ A.J.J./ A.P. Class/ Minority/ Lady/ Handicapped/ Ex-Servicemen Naxal-affected: | 8% grant from the first loan expending date (up to a period of five years) Maximum limit on term loan 75000 rupees per annum 40000 rupees per annum on the working capital loan |
Other Benefits
During the period of applying for the Chief Minister’s Youth Self Employment Scheme, the new youth entrepreneurs will be eligible for interest allotment according to the industrial policy prevailing at that time (the difference between the amount of interest allotment provided in the industrial policy of India and the interest subsidy prevailing in the scheme), permanent capital investment grant, exclusion from stamp duty, the exclusion in premium on a land allotment in the industrial area, Project report grants, exclusion from land separation fee, quality certification grant, technical patent grant and market fee repayment grant and industrial investment creativities payable under industrial development policies of the Department of Industry from time to time will also be received.
Chief Minister Youth Self Employment Scheme Eligibility
As per the official announcement, various eligibility requirements are added by The Indian government for applying for The CG Mukhyamantri Yuva Swarojgar Yojana 2023. Some of these requirements we have given below-
- 1) After the loan approval for the application of the Chief Minister’s Youth Self Employment Scheme, one-week entrepreneurship development training will be given to the new entrepreneur before sanctioning the loan. The entire cost of this grand training will be decided by the state government.
- 2) The Chief Minister’s Youth Self Employment Scheme will be instrumented by the District Trade and Industry Centers at the district level and by the jury of Industries at the state level.
- 3) Entire project profiles will be created and available free of cost in district trade and industrial centers for making up the project.
- 4) A different Self Employment Cell will be set up in the District Trade and Industry Centers, which will be reviewed from time to time by the Industries Commissioner. This Self Employment Cell will be done by the jury of Industries.
- 5) Taskforce committees will be constituted in every district for the approval of the project, whose task will be to decide within a time period in loan cases for the establishment of the project of eligible youth.
- 7) The plenum of this committee shall consist of four members but the presence of either the Chairman or the Vice-Chairman shall be essential.
- 8) Under this grand government scheme, only applications related to a single owner will be accepted to give benefits to more and more youth, i.e. partnership companies. Cooperative societies will not be able to apply for this grand scheme.
Chief Minister Youth Self Employment Scheme Process
To apply this grand scheme you have to follow some easy steps which we have given below-
- The entire application in the prescribed format will be submitted by the applicant or consumer to the District Trade and Industry Center along with the important co-mails. The application form for this grand government scheme will be free of cost.
- After completing the first step, the entire applications received will be registered. The consumer will be must be given a long time of 15 days by the District Trade and Industry Center to finish the incomplete application. If the application is not finished within 15 days, the entire application will be returned.
- You must have to attach the entire project profile of the proposed activity will also be to the application.
- The applications received at the District Trade and Industry Center will be must be submitted before the TaskForce Committee. The Taskforce Committee will give approval after the interview which totally based on the applicant’s qualifications, experience, technical qualifications, the feasibility of the skill project, etc. The approved cases will be transferred to the concerned banks for loan sanction.
- Banks/ The cases will be set off by the financial institutions within a long time period of 30 days and the consumer or applicant will be informed about it.
- The enterprise established under the scheme can be surveyed by the officers of the District Trade and Industry Center.