Bihar's Self-Employment Initiative Creates Over 43,000 Entrepreneurs Since 2018

Mukhyamantri Udyami Yojana is playing a special role in making the youth of the state self-reliant by providing them self-employment. It is opening the way to self-reliance for the educated unemployed youth of the state. The objective of this scheme, which started in 2018, is to encourage educated youth towards self-employment and entrepreneurship. With its help, the youth are becoming capable of creating employment for themselves as well as giving employment to others.

This scheme has been prepared keeping in mind various sections of the society and now it has become an important pillar of Bihar's economic development strategy. Under this, the main objective of the government is to promote micro and small industries. Also, this scheme addresses the problems that hinder the youth from taking bank loans, such as lack of mortgage security and margin money. And to encourage entrepreneurship and self-employment among educated unemployed youth. So far 43049 beneficiaries have been benefited under this scheme. And a total amount of Rs 3035.54 crore has been distributed.

Complete structure of financial assistance under the scheme

Under the Chief Minister Udyam Yojana, financial assistance of up to Rs 10 lakh is given to eligible beneficiaries. This includes an interest-free loan of up to Rs 5 lakh. While the remaining Rs 5 lakh is provided in three installments as a grant. If the beneficiary comes under the Chief Minister Yuva Udyam Yojana, then he is given a loan at a minimum interest rate of 1 percent, which is recovered through Bihar Startup Fund Trust in 84 normal installments.

These qualifications are necessary to take advantage of the scheme

Some necessary qualifications have been prescribed to take advantage of this scheme. The applicant must be a permanent resident of Bihar. He must have completed 12th, ITI, Polytechnic Diploma or any equivalent education. The age of the beneficiary should be between 18 to 50 years.