Amid rising unemployment and the challenge of getting a job, many state governments are now encouraging youth to start their own work (self-employment). In this context, ‘Mukhyamantri Yuva Self-Employment Scheme’ of Rajasthan Government is getting a lot of attention these days. Through this scheme, financial assistance is being provided to the youth to help them start their own business. Its main objective is to motivate the youth to start their own enterprise instead of just searching for a job. The government believes that this will create new employment opportunities and promote small-scale businesses.
Under this scheme, eligible youth can take a loan up to ₹10 lakh. Reports suggest that the loan limit varies depending on the category; A higher amount is allocated for the manufacturing sector, while a different limit applies for the services sector. The main feature of this scheme is the provision of interest subsidy by the government, which reduces the EMI burden on the youth and makes it easier to run a business in the initial stages.
What is Chief Minister Youth Self-Employment Scheme?
Mukhyamantri Yuva Swarozgar Yojana was launched to give new self-employment opportunities to the youth of Rajasthan by providing interest-free loans, margin money assistance and CGTMSE fee coverage. Under this scheme, youth of the state can take business loans up to ₹10 lakh without any interest charges. The scheme will be applicable till March 31, 2029 and is being implemented by the Department of Industries and Commerce.
A variety of small and medium sized businesses including beauty parlors, photography studios, dairy units, mobile repair shops, computer centres, service centers and other self-employment enterprises can be started under this scheme. The Rajasthan government says that youth from both urban and rural areas can take advantage of this scheme, with special emphasis on promoting small and micro businesses in rural areas. Furthermore, the government emphasizes that the objective of the scheme is more than just providing loans; Its objective is to make the youth self-reliant. The government wants youth to start their own businesses and ultimately create employment opportunities for others.
Who can apply for Chief Minister Youth Self-Employment Scheme?
Applicants age should be between 18 to 45 years.
If the applicant is an institution or company, registration is required as per the rules.
Persons aged between 18 to 45 years should have 51% stake in that enterprise.
Applicants who are bank defaulters are not eligible for loans under this scheme.
Interest subsidy will be available only on the loan sanctioned for the first time.
Before applying for Mukhyamantri Yuva Swarozgar Yojana, you have to create an SSO ID.
To create SSO ID, visit sso.rajasthan.gov.in portal and click on ‘Register’.
Here, you have to select the ‘Citizen/Industry’ option.
After this you can register using your Jan Aadhaar number.
Apart from this, you can also create SSO ID using your Gmail ID.
Step-2
Now, log in to the portal or mobile app using your SSO ID.
On the SSO ID ‘Citizen’ app or portal, you will get the option of ‘Mukhyamantri Yuva Swarozgar’ (MYSY).
Clicking on this will open the application form; Read and fill it carefully.
In this form you will have to give information about yourself, your address, type of industry and the place where the industry is to be started.