Swami Vivekananda Assam Youth Empowerment Scheme was introduced by Assam’s Finance Minister on February 7, 2017. This important initiative is designed to offer crucial support to the youth of Assam, encouraging their growth and empowerment. In this article, we will explore the details of the Swami Vivekananda Assam Youth Empowerment Scheme, launched by the Assam government. We will also explain the eligibility requirements, which allow 200,000 young people to receive 50,000 rupees each, and provide a step-by-step guide on how to apply for this scheme.
Swami Vivekananda Youth Empowerment Scheme Assam 2024 Details
| Detail | Information |
| Scheme Name | Swami Vivekananda Assam Youth Empowerment Scheme |
| Registration Start Date | 16th September 2020 |
| Initiated by | Assam Government |
| Benefit Provided | 50,000 rupees to each youth |
| Target Group | Youth of Assam |
| Official Website | SVAYEM Official Site |
Swami Vivekananda Youth Empowerment Scheme Assam
The Swami Vivekananda Assam Youth Empowerment Scheme was introduced by Assam’s Finance Minister on February 7, 2017. This important initiative aims to offer crucial resources to the youth of Assam, promoting their development and empowerment. In this article, we’ll cover the key aspects of the Swami Vivekananda Assam Youth Empowerment Scheme, launched by the Assam government. We’ll also explain the eligibility criteria, which allow 200,000 young people to receive 50,000 rupees each, and provide a detailed guide on how to apply for this scheme.
Swami Vivekananda Youth Empowerment Scheme Assam Amount
The Swami Vivekananda Assam Youth Empowerment Scheme, originally launched in 2017, has been reintroduced by Assam’s Finance Minister. With a budget allocation of 1000 crore rupees, this scheme aims to support the youth of the state. Approximately 200,000 young people will each receive 50,000 rupees through this program. In the years 2017 and 2018, around 7000 beneficiaries were included in the scheme, with an additional 1,500 people added in 2019.
Swami Vivekananda Youth Empowerment Scheme Assam Objective
The Swami Vivekananda Assam Youth Empowerment Scheme focuses on creating ample job opportunities for the people of Assam. By targeting both rural and urban areas, the scheme aims to foster the growth of new businesses and support the expansion of existing ones. Individuals will receive financial aid to invest in micro and small enterprises. This initiative promotes involvement in manufacturing and trading activities, ultimately boosting the income of Assam’s traditional artisans.
Swami Vivekananda Youth Empowerment Scheme Assam Benefits
The Swami Vivekananda Assam Youth Empowerment Scheme ensures that each recipient receives 50,000 rupees. The government will assist participants in developing their businesses, providing necessary aid to expand sales and offer diverse products nationwide. This initiative aims to showcase the work of small and regional artisans in Assam, empowering individuals to initiate small ventures and scale them up with investment and financial backing.
Assam Youth Empowerment Scheme Activities Included
The new Assam Youth Empowerment Scheme encompasses a diverse range of activities tailored to uplift the youth of the state. These activities include:
- Manufacturing: Encouraging youth involvement in manufacturing industries to promote local production and economic growth.
- Processing: Supporting youth engagement in processing industries, such as food processing, to add value to raw materials and create marketable products.
- Service Sector: Providing opportunities for youth to enter the service sector, including fields like hospitality, healthcare, and information technology.
- Trading: Facilitating youth participation in trading activities, enabling them to become entrepreneurs and contribute to the economy.
- Rural Transport Services: Promoting involvement in rural transport services, such as auto-rickshaws and e-rickshaws, to improve mobility and accessibility in rural areas.
- Tourism: Encouraging youth to explore opportunities in the tourism industry, including hospitality services, tour guiding, and eco-tourism initiatives.
- Shops, Repairing Centers, Handicrafts, Cottage Industries, etc.: Supporting youth ventures in various sectors such as retail, repair services, handicrafts, and cottage industries, fostering local entrepreneurship and skill development.
These activities aim to empower the youth of Assam by providing them with diverse opportunities for economic growth, skill development, and entrepreneurial success.
Swami Vivekananda Assam Youth Empowerment Scheme Eligibility
Applicants must meet the following eligibility criteria to qualify for the scheme:
- Applicants must be residents of Assam.
- Applicants must be at least 18 years old.
- There is no income limit to qualify for assistance under this scheme.
- Applicants should possess the necessary skills, experience, and knowledge to engage in income-generating activities.
- Applicants must have at least a basic educational qualification, equivalent to Class standard.
- Preference will be given to applicants who have completed Skill Development Training.
- Applicants must not be defaulters of any loan.
- Providing correct information is crucial. Any incorrect information may lead to actions against the beneficiary, including loan cancellation, recovery of the amount owed, and blacklisting from future government schemes.
- Individuals who have benefited from the PMEGP scheme in the last 5 years are not eligible for this scheme.
Swami Vivekananda Assam Youth Empowerment Scheme Financial Assistance
The state government will collaborate with private, public, and rural banks to support this scheme
- The state government will collaborate with private, public, and rural banks to support this scheme.
- New entrepreneurs in the state will receive financial assistance of one lakh rupees.
- Existing entrepreneurs can receive up to two lakh rupees.
- Beneficiaries are required to contribute only 25% of the total project cost.
- Banks will have the freedom to grant loans.
- For a loan amount of one lakh rupees, the beneficiary must contribute 25,000 rupees.
- A subsidy of 20,000 rupees will be provided on a one lakh rupee loan.
- The remaining 55,000 rupees will be covered as a bank loan.
- The government will allocate 200 crore rupees to fund this scheme.
Swami Vivekananda Assam Youth Empowerment Scheme Documents
For SVAYEM application, prepare the following documents:
- SVAYEM application form
- Ownership identity documents
- Copy of business registration certificate
- Copy of business license
- National Food Security card (if applicable)
- Residence proof
- Skill development training certificate (if applicable)
- Experience certificate (if applicable)
- Age proof
- Proof of qualification
- Identity proof (voter ID card, driving license, PAN card, Aadhar card, passport, etc.)
- Scheme report for the proposed project
Negative List of Activities
- Manufacturing of intoxicant items such as bidi, pan masala, cigarettes, etc.
- Liquor sales outlets
- Production of plastic bags below 40 microns
Institutional & Implementing Arrangements
Here are the key points regarding the nodal department and implementing agencies for the scheme:
- Nodal Department: The Industries and Commerce Department will oversee the scheme’s operations.
- Implementation: The District Industries and Commerce Centre will be responsible for implementing the scheme at the district level.
- Leading Agencies: Private banks, public banks, and regional rural banks will play crucial roles as the leading agencies in executing the scheme.
- Memorandum: All participating
Bank Finance
- Approximately 55% of the project cost will be financed by banks through this scheme.
- Loans will be provided to support capital expenditure.
- Banks will also offer working capital.
- After receiving the loan, beneficiaries are required to contribute 25% of the project cost to the bank.
- Once the subsidy is received, the bank will release the loan amount.
Interest Rate and Repayment Schedule
- The interest rate will adhere to the guidelines issued by the Reserve Bank of India.
- The repayment schedule, ranging from 3 to 7 years, will commence after the final moratorium period.
- Financial institutions will determine the duration of the final moratorium period.
Procedure Of Approval
- Advertisements will be published in various districts of the state to invite applications.
- Interested applicants must submit their applications at the district level.
- The concerned authority will accept applications through an online procedure.
- After submission, the applications will be scrutinized by the General Manager of the district-level committee.
- Confirmed applications will be recommended to the bank by the committee.
- The bank will make the final decision on loan approval.
- Once selected, the loan will be disbursed within 5 working days.
- Subsequently, the bank will submit the margin money subsidy proposal against the borrower.
Application Procedure for Swami Vivekananda Assam Youth Empowerment Scheme
To apply for the scheme, follow these steps:
- Visit the official website.
- Click on the link to download the official notification for the Swami Vivekananda scheme.
- Download the application form PDF of the scheme.
- Fill in all the required details in the application form.
- Attach all necessary documents to the application form.
- Submit the application to the District Level Committee (DLC).