Odisha govt to give interest-free loans to youth under 'Swayam' scheme

Odisha Agriculture Minister Ranendra Pratap Swain said that the state government, in its recent cabinet meeting, has decided to provide interest-free loans up to Rs 1 lakh to youth of the state under the new government scheme 'Swayam.'

Speaking to ANI after the cabinet meeting on Monday, Swain said, "Chief Minister Naveen Patnaik has also decided to give more employment or more income to the rural youth and the urban youth by introducing one new scheme, 'SWAYAM' so that people who are maintaining small enterprises can avail liquid capital without any collateral security."

"The entire burden will be borne by the state government. They can take Rs 1 lakh at a time to enhance their existing business or to start a new business," he said.

He further said Chief Minister Patnaik understands the dynamics and economics of a poor man's household. "In the last five years, you will see that domestic stress has increased. This is a great opportunity for all the youth. CM Patnaik has sanctioned certain things in favour of the OBC, backwards and the most backward classes."

"For over 50 years, these classes have been fighting for their recognition, and now they have been recognised by our CM Patnaik," said Swain.

According to the official statement issued by the state government, the Odisha Cabinet, chaired by Chief Minister Naveen Patnaik, on Monday approved a total of 26 proposals, including the new scheme 'Swayam'.

Under the new government scheme 'Swayam' to create self-employment for youth, 1 lakh eligible rural and an equal number of urban youth in the age group of 18-35 years will receive interest-free loans of up to Rs 1 lakh for starting a new business or expanding an existing one.

Further, under this scheme, all rural unemployed youth or those with no outstanding loan for the same purpose from any central or state government-supported schemes in the age group of 18-35 years (18-40 years for a special category) desirous of starting a new business or expanding their existing business will be provided an interest-free bank loan for project costs up to Rs 1 lakh.

The government informed further that the scheme is also for urban youth.

The scheme will be operational for two years and Rs 672 crore will be spent from the state's coffers.

The government has also decided to provide two jute bags of 20 kg and 10 kg capacity to each of the PDS families for their daily use, free of cost.

Similarly, for providing one-time livelihood assistance of Rs 1,000 per family, another Rs 959.05 crore will be required. A total of Rs 1,237.74 crore will be borne out of the state budget.

The state cabinet also approved the umbrella scheme Mukhyamantri Maschyajibi Kalyan Yojana (MMKY), which will be implemented during the 2023-24 fiscal year with a total budget outlay of nearly Rs 448 crore.