Pradhan Mantri Yuva Sahakar Yojana 2021

Pradhan Mantri Yuva Sahakar Yojana  2020[Cooperative Enterprise Support and Innovation Scheme[Eligibility, Documents, Application Form, UPSC] {Loan Subsidy}

The Yuva Sahakar Scheme is a youth friendly scheme that has been initiated by National Cooperative Development Corporation or NCDC.  Through this scheme, it is possible to meet the requirements and aspirations of young individuals. This innovative scheme has been started in 2018 under the supervision of the Ministry of Agriculture and Farmers Welfare. For helping farmers, a total of rupees 1000 cr has been given. The following part of the article shall take you through other necessary details of the entitled scheme.

 What are the highlighting features of scheme?

• Main objective of scheme – The Yuva Sahakar Scheme has been started with the motive of encouraging youth to start new venture and promote their business. In this, loans will be given to youth at cheap rate that makes it easy to set-up start-ups.
• Target group of the scheme –The target group of the scheme is the youth who wish to take up initiative of starting new venture and implement innovative ideas into it.
• Financial assistance is given for the scheme – A total of rupees 1000 crores has been given for cooperative start-ups. In addition, the fund has been raised by NCDCfor help of common youth.
• Benefits given under the scheme – The scheme will benefit women, scheduled caste, scheduled tribe candidates. In addition, incentives will be given to cooperatives employed in Northeastern region along with the aspirational districts.

What are the benefits to expect from the scheme?

Individual enrolling for the above-mentioned scheme can enjoy the following benefits.

1. The scheme will provide fund to young entrepreneurs to achieve success in their business. However, the funding is secured and individual can get immediate help for their start-ups.
2. Almost 80% of cooperative start-up will be covered by the financial help that youth will receive under the scheme. In this, individual will get 2% less interest as usually given for term loan projects.

What are the eligibility criteria for the scheme?

• Scheduled castes and tribes – Individuals belonging to scheduled castes and schedule tribes, including women, will be given 80% of the total project cost as per the rules to the scheme.
• Special class categories – For candidates belonging to special or other classes other than the above-mentioned one will be given 70% of the enterprises cost. This shall help them to set-up their start-up smoothly.
• Time of operation – The cooperatives applying for the scheme benefits should be in operation for a minimum period of one year. Only then, the individual or cooperative can opt for the financial help. Under this scheme, all types of cooperatives are applicable.

Other than this, only project cost up to rupees 3 crores will be covered by the benefits of the above said scheme. 

Documents required under the scheme

• Time of operation of enterprise – The business enterprise should be operated for a minimum of one year before the enterprise can opt for the scheme benefits. They should provide relevant papers of running the business successfully for one year.
• Caste Category – As scheduled caste people and the ones belonging to special castes are eligible, they should provide relevant caste documents at the time of registration for the scheme. This shall help to justify individual’s claim. The documents shall also help the higher authority to know whether the individual belongs to the lower category and eligible to get the scheme benefits or not.

Application procedure of scheme

Though a recent press release has been given by Ministry of Agriculture and Farmers Welfare, details of online procedure relating to the scheme are yet to be declared. Once it comes out, the applicants can apply through the official portal of NCDC. For this, the beneficiaries should stay updated about the announcement of important details. 

With the financial help given by National Cooperative Development Corporation, it shall help entrepreneurs to set-up their start-up smoothly. The agriculture and farmer welfare ministry have taken up the responsibility to make this scheme a successful one.

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