Yuva Sahakar: Cooperative Enterprise Support and Innovation Scheme

December 13, 2024

The “Yuva Sahakar – Cooperative Enterprise Support and Innovation Scheme” was recently introduced by the National Cooperative Development Corporation (NCDC). This initiative aims to encourage innovative cooperative societies across India and specifically targets young entrepreneurs looking to establish cooperative ventures.

Objectives of the Scheme

The primary objective is to support newly formed cooperative societies. These societies must have been operational for at least three months. The scheme encourages the development of fresh ideas and innovative projects within the cooperative sector.

Loan Details

The scheme provides long-term loans with a tenure of up to five years. These loans are intended to assist with various project activities. Borrowers can benefit from a 2% interest subsidy on the applicable loan interest rate.

Eligibility Criteria

To qualify, cooperatives must be newly established and operational for a minimum of three months. The scheme is open to cooperative societies formed by young entrepreneurs across India.

Eligible cooperatives can combine the loan with other government subsidies. This allows for enhanced financial support and increased project viability.

Regional Participation

Despite the scheme’s potential, no proposals have yet been submitted from eligible cooperatives in Himachal Pradesh and Andhra Pradesh. This lack of participation marks an opportunity for increased awareness and engagement in these regions.

Cooperative societies play important role in promoting economic development. They encourage collective ownership and democratic management. The scheme aims to revitalise this sector by empowering young entrepreneurs with necessary financial resources.

GKToday Facts for Exams:
NCDC: The National Cooperative Development Corporation promotes cooperative societies in India. It provides financial assistance and support to enhance cooperative growth and development across the nation.
Yuva Sahakar: This scheme aims to encourage innovation among young entrepreneurs. It supports newly formed cooperatives with loans and interest subsidies to encourage their growth and sustainability.
Interest Subsidy: The scheme offers a 2% interest subsidy on loans. This financial incentive makes it easier for cooperatives to access necessary funds for their projects.

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