Odisha Govt’s SWAYAM Scheme to Provide Rs 1 Lakh Interest-Free Loans to Youths

Bhubaneswar: The Odisha government has decided to launch a new scheme named Swatantra Yuva Udyami (SWAYAM) to promote self-employment among the youths in the state.

This scheme was approved at a meeting of the State Cabinet chaired by Chief Minister Naveen Patnaik.

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.

Through this scheme, the Odisha 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.

These loans will enable unemployed youths to start new businesses or expand the existing ones.

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 scheme will be SWAYAM (U) in urban areas. 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.

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