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CM launches new schemes to provide employment opportunities to women and youths

Loan Money

Loan Money

PATNA – Bihar government would now provide a sum of Rs 10 lakh to an unemployed woman or youth to start a new business or small industries in the state. Of Rs 10 lakh, Rs five lakh would be subsidy while the rest Rs five lakh would be loan, to be returned in many installments.

Bihar CM Nitish Kumar on Friday launched two new schemes- the Mukhyamantri Mahila Udyami Yojna (MMUY) and the Mukhyamantri Yuva Udyami Yojana (MYUY) — with an aim to provide more employment opportunities to youths and young women in the state.

The state government has already promised to provide employment opportunities to 20 lakh youths during its current tenure.

Under the MMUY, an unemployed woman would be provided a sum of Rs 10 lakh to start a new business or small industry. Of Rs 10 lakh, Rs five lakh would be a subsidy amount which the woman doesn’t need to return, while the rest Rs 5 lakh would be an interest-free loan, to be returned in many installments in the next seven years from the start of the new enterprise.

Under the MYUY, an unemployed youth would be provided a sum of Rs 10 lakh to start a new enterprise or industry. Of the total Rs 10 lakh, Rs five lakh would be the subsidy amount which the youth need not to return, the rest Rs 5 lakh would be a loan on simple interest of 1%, to be returned in many installments.

“The only difference between the two schemes is 1% interest to be paid by the youths on Rs 5 lakh loan amount,” an industries department official said.

The schemes were launched through videoconferencing from ‘Sankalp’ hall of the CM residence. Both deputy CMs Tar Kishore Prasad and Renu Devi, industries minister Shahnawaz Hussain, chief secretary Tripurari Sharan and many other senior officials were connected to the inaugural event through the video conferencing.

“Both the new schemes, meant for the unemployed youths and women hailing from the upper castes and backward castes category, would be implemented on almost similar pattern of the existing Mukhyamantri SC/ST/EBC Udyami Yojana,” the industries official said on Friday.

Speaking on the occasion, Nitish said both the new schemes would promote entrepreneurial development and self-employment among the women and youths.

He said the state would progress only when women would work along with men.

Source: Times of India

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