Assam re-launches SVAYEM Self-employment scheme worth Rs 1,000 crore

September 5, 2020

The Assam government on Friday re-launched an old scheme, SVAYEM Scheme. It aims of providing self-employment to around 2 lakh youths of the state.

About the Scheme

It is called as Swami Vivekananda Assam Youth Empowerment (SVAYEM) yojana
The scheme announced by the Hon’ble Finance Minister of Assam in his budget speech on 7th February, 2017
It is a flagship program to provide financial support to the youths of Assam to take up income generating activities in the manufacturing, trading and service sector.
Objectives:
1. To generate employment opportunities in rural as well as urban areas through setting up of new ventures as well as growing existing ventures.
2. To provide financial assistance to micro and small business entities engaged in the manufacturing, trading and services sector.
3. To provide financial assistance for enhancement of income level of traditional artisans ensuring sustainable growth.
All districts of Assam including autonomous district councils are covered under the scheme.
The latest version of the scheme worth Rs 1000 crore, would provide Rs 50,000 each as seed money to selected youths to start business ventures.
The 2 lakh beneficiaries would have to be part of self-help groups, joint liability groups
A new portal which will be launched for the registration.
The scheme could get repeated annually with the possibility of increasing the number of beneficiaries.
To claim benefit of the scheme, the applicants would have to be below 40 years of age, must have passed matriculation and should be part of existing self-help groups.
Under this scheme, financial assistance will be provided for enhancement of income level of traditional artisans ensuring sustainable growth.

Criticism

In the last version of the scheme, instead of benefiting 1 lakh youths as planned it managed to get only around 7,000 beneficiaries due to lack of adequate support from banks.

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