Central government’s Pradhan Mantri Yuva Sahakar or Cooperative Scheme 2024
Pradhan Mantri Yuva Sahakar Yojana 2023
Youth Cooperative-Cooperative Enterprise Assistance and Innovation Scheme (Pradhan Mantri Yuva Sahakar Yojana) 2023 was launched by Union Minister of Agriculture and Farmers Welfare, Narendra Tomar at the inauguration ceremony of “India International Cooperatives Trade Fair” for the first time in New Delhi on 11 October 2023. This is a youth-friendly scheme aimed at attracting youth towards cooperative business ventures.
This scheme is made by National Cooperative Development Corporation (NCDC). Under this scheme, financial assistance will be provided by the government to the young farmers to start their work, under which the government has passed a budget of 1000 crores.
Objective of Pradhan Mantri Yuva Sahakar Yojana 2023: –
Its purpose is to encourage cooperatives to venture into new areas. The loan will be for 5 years, on which there will be a moratorium to repay the principal for 2 years, and there will be a subsidy according to the investment cost. At the same time, to repay the loan on time, there will also be a discount of 2 percent in the loan.
All types of cooperative societies are eligible to avail the scheme for at least one year. Under this, more incentives will be provided for the aspirational districts and cooperatives of North Eastern region along with women, women or members of Scheduled Castes or Scheduled Tribes.
Funds for the project under this scheme will be up to 80% of the project cost for these special categories as against 70% for others.
PMYSY Scheme Highlights
| Name of scheme | Yuva Sahakar Scheme |
| Target group of scheme | Needy farmers |
| Main objective of scheme | Meet the needs of entrepreneurs |
| Scheme announced by | Ministry of Agriculture and Farmers Welfare |
| Date of scheme launch | 14 Nov |
| Official Website | http://www.ncdc.in/ |
| Loan period | 5 years |
| Date of application | Yet to be declared |
| Category | Entrepreneurs scheme |
| Scheme has been launched by | Shri Radha Mohan Singh |
Features of Pradhan Mantri Yuva Sahakar Yojana 2023: –
- Under the youth cooperative scheme, loans will be provided to the youth at a low interest rate, so that they can start their new business easily.
- The main objective of this scheme is to instill a strong desire among the youth to start Start Up, as well as to introduce new methods so that employment opportunities can also increase.
- Under this scheme, a budget of 1000 crores rupees has been passed by the government, through which the youth can be given loans or subsidized at a low interest rate.
- Under this scheme, people belonging to Scheduled Castes and Scheduled Tribes, women and cooperatives working in the former northern region will get special benefits so that they can start their own business easily.
- Under the scheme, up to 80% of the help will be provided by the government i.e. only 20% of the expenditure will have to be borne by the candidate himself. Also, the interest charged in this loan will be 2% less than the normal interest.
- Apart from this, the government will provide assistance of up to 70% to cooperatives, in which up to 30% cost will have to be borne by the cooperatives themselves.
- Under this scheme, a loan of 1 to 3 crores will be provided to the candidate i.e. a minimum amount of one crore and maximum amount of 3 crores can be obtained as a loan.
- The loan available under this scheme will be given for 5 years, that is, it is mandatory to return it with interest in 5 years.
Eligibility Criteria for Pradhan Mantri Yuva Sahakar Yojana 2023: –
- The benefits of this scheme will be given to the people belonging to scheduled castes and tribes especially in which women will be given the highest priority and they will get about 80% of the cost incurred in the project.
- The youth coming in general caste classes will also get the benefit of this scheme, but they will be given 70% of the cost by the government.
- Under the scheme, the Startup which will be completed for 1 year, the same startup will be supported by the government to pursue its Start Up under this scheme. Also, the candidates are required to put a certificate that the business started by the candidate has been at least 1 year and they have achieved a lot of success in this one year.
Documents required for Pradhan Mantri Yuva Sahakar Yojana 2023: –
- Various different types of benefits are being given under the scheme for the particular caste, so it is necessary that the candidates submit their caste certificate along with the application form.
- In order to get the benefits under this scheme, it is necessary for the candidate to have the necessary documents to prove that the latest startup has been around 1 year.
Scheme Application Process
Although a recent press release has been issued by the Ministry of Agriculture and Farmers Welfare, the details of the online process related to the scheme have not yet been announced. Once it comes up, applicants can apply through the official portal of NCDC. For this, beneficiaries should keep updated about the declaration of important details.
The financial support given by the National Cooperative Development Corporation will help the entrepreneurs to set up their start-up smoothly. The Ministry of Agriculture and Farmers Welfare has taken the responsibility of making this scheme a success.
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