Mukhyamantri Yuva Swavalamban Yojana in Himachal Pradesh

Mukhyamantri Yuva Swavalamban Yojana in Himachal Pradesh [Application Form, Eligibility, Subsidy]

Both the government and private sectors, fail to offer adequate employment opportunities. So, improvement of self-employment opportunities is a must. The state government of Himachal Pradesh has announced a new scheme for the youth living in the area. This project will ensure betterment of self-employment opportunities. It will also offer empowerment to these people. Thus, the CM Yuva Swavalamban Yojana or the Mukhyamantri Yuva Swavalamban Yojana will cater to the job requirements in this area.

Launch details

The present Chief Minister of Himachal Pradesh, Jai Ram Thakur has announced the scheme for the first time on the 25th May, 2018. Recently, HP Cabinet has recently announced that the implementation of the scheme will be started as soon as possible.

Main benefit of the scheme

Jobseekers may not find proper opportunities of employment. But if they shift their attention towards attaining self-empowerment, then job scarcity will reduce by a high percentage. With the implementation of this project, youngsters will get proper assistance for setting up their own business.

Key features of the scheme

  1. Encouragement to the youth – The main motive of the state government behind the implementation of this project is to encourage youngsters to take matters in their own hands, and work towards self-employment.
  2. Solving issues of job scarcity – With the implementation of this project, the job scarcity in the state will go down. People will no longer seek jobs if they become their own boss. They will be able to hire more people, thus, generating opportunities.
  3. For candidates of specific age (Eligibility Criteria) – Any resident of HP will be able to apply for this self-employment scheme, if he/she falls in the age group of 18 – 35 years.
  4. Subsidy for male investors – If any male entrepreneur desires to start any business, and makes an investment of Rs. 40 lakhs, then he will receive special subsidy from the government on machinery cost. The subsidy will be offered at 25%.
  5. Subsidy for female investors – In case any female candidates acquires credit to get start her business, then government will offer 30% subsidy on cost of machinery she needs to purchase. However, her investment amount must not be less than 40 lakhs.
  6. Interest subsidy on credit – Loan will also be made available to assist the interested candidates in setting up their business. If any applicant takes loan that is within 40 lakh margin, then he/she will receive 5% subsidy on the loan interest. It will be given for 5 years.
  7. Government land for rent – In case, any self-employed youth requires land; he/she can approach the state government. In case they approval of HP state authority, and attain government land on rental basis, then state government will charge only 1% of the actual rent.
  8. Reduction of stamp duty – To encourage more and more youth to take part in this self-employment scheme, the government will also bring down the amount of stamp duty they need to pay. Under this project, stamp duty will be charged at 3% instead of 6%, in case the investor is purchasing the plot.

How to apply for the scheme?

The scheme is very new, and the state authority has only made an announcement of its implementation. It will release information about the project in due time. As for the application, interested candidates may have to apply through the authorized portals of Himachal Pradesh government. If not, the state will soon launch a separate site that will be linked with this scheme.

Budget for this scheme

To offer proper employment opportunities and empowerment, Himachal Pradesh state government has already announced an allocation of Rs. 80 crore as the budget. In case more funds are required, it will make more allocations as and when need arises.

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