The state government of Odisha is all set to launch a new self employment scheme ahead of the panchayat polls scheduled early next year. Named as “Biju Atma Nijukti Yojana” is aimed at providing self employment to unemployed semi-literate youths in the state.
Biju Atma Nijukti Yojana
Under the Biju Atma Nijukti Yojana, the state government will provide soft bank loans of up to Rs. 5 Lakh to such un-employed youth to setup their own small businesses. The loan will be provided without any collateral security, mortgage or pledge of assets. A subsidy of up to 30 per cent would be provided to the beneficiaries.
According to the stats, 1.75 crore youths in the 18 to 35 age group constitutes the 42% of the state’s population. Under the scheme, apart from the bank loan, the government also plans impart skill-development training to youths who haven’t completed their matriculation.
The youth will be provided financial support to setup micro, small and medium enterprise in manufacturing or service sector and generate self employment. The state government, in the next five years plans to provide self employment to 30K youth in 10K enterprises. Rs 53 crore is estimated to be spend on promoting such a large number of enterprises in next 5 years.
Under the Biju Atma Nijukti Yojana, the annual family income of the unemployed youth should not exceed Rs. 1.5 Lakh for Urban and Rs. 1 Lakh for Rural areas to be eligible for the bank loan. The age of the beneficiary should be between 18-40 Years. However, there is a relaxation of 5 years in the upper age limit for SC, ST, physically handicapped, minority community, ex-servicemen and women.
The maximum project cost for manufacturing sector should not exceed Rs. 5 lakh while for service sector the maximum project cost could be Rs. 2 Lakh. The general category beneficiary will be required to contribute at least 20% of the cost of the project while the minimum contribution amount is 10% for reserved category.
Margin money assistance for general category beneficiaries is up to 30 per cent while the same is 40 per cent for those belonging to reserved categories.