SWAYAM scheme: Odisha to provide interest-free loans to unemployed youths

Bhubaneswar: The Odisha government will launch a new scheme—Swatantra Yuva Udyami (SWAYAM)—to facilitate self-employment among the youths in the state.

The state Cabinet led by Chief Minister Naveen Patnaik approved a proposal in this regard today.

Under the scheme, the state government will provide interest free bank loans up to Rs 1 lakh to the unemployed youths in the age group of 18-35 years in both rural and urban areas in Odisha, said Chief Secretary PK Jena.

The bank loans will be provided to the unemployed youths to start new business or expand the existing ones, he added.

For rural areas, the applicant’s family must have been covered under the KALIA or Biju Swasthya Kalyan Yojana (BSKY) schemes of the state government and its annual income must not be above Rs 2 lakh, said the Chief Secretary.

The state government has planned to cover at least 1 lakh rural youths under the scheme in two years. It will spend Rs 448 crore for this purpose, he added.

The new scheme will be known as SWAYAM (U) in urban areas. The state government will provide the loans to unemployed urban youths to set up self-employment ventures or micro enterprises in urban areas of Odisha.

As per the guidelines, the applicant’s family must have been covered under the BSKY scheme and its annual income must not be above Rs 3 lakh, said the Chief Secretary.

The state government will allocate Rs 224 crore towards interest subvention and guarantee fee for implementing the scheme, he added.