Mukhyamantri Swabhlamban Yojana

24 cases with investment worth Rs 4 cr approved within one month.
The Mukhyamantri Swabhlamban Yojana, launched in May this year by the Industries Department, has made a good beginning in Sirmaur district with 24 cases involving investment worth Rs 4 crore having been approved within one month.

Mukhyamantri Swabhlamban Yojana :

Objectives : 

• To provide employment opporunity to youth in Himachal.
• To provide financial assistance to youth to start self employment ventures.
• To create jobs in state through self employment.

Eligibility :

• The scheme is applicable to the people residing in Himachal Pradesh only.
• The scheme is applicable to the youth in the age group between 18- 35 years only.

Benefits :

• The scheme, for which a budget of Rs 80 crore has been allocated for the state in the current financial year, is available for all manufacturing and service sector enterprises.
• It provides exemptions to young investors in the age group of 18 to 35 years to open their enterprise.
• This includes mere 3 per cent stamp duty on the purchase of private land for setting up an enterprise under the scheme and an investment subsidy ranging from 25 per cent to 30 per cent on bank loan of Rs 40 lakh as well as interest subsidy.
• The scheme will promote first generation entrepreneurs who will get an opportunity to become self-reliant. The youth residing in the interior and backward areas of the state can avail these benefits to setup their own ventures. ventures like oil mill, printing press, cattle feed outlets, catering services, steel shuttering stores, tent houses, food processing, cutlery manufacturing and furniture manufacturing were being setup by the youngsters.
• Land on 1 % rent to youth.
• In case of women enterpreneurs the subsidy will be 30 % on the investment of rs. 40 lakh.
• 25 %investment subsidy for purchase of machinary on an input or investment of rs 40 lakh. 

The Industries Department claimed that it was the biggest industrial development scheme of the state so far, the provision of mere Rs 80 crore had been set aside for the current financial year. A list of 62 services were included in the scheme, which include adventure tourism ventures, packaging services, eco-tourism, fashion design, waste disposal services, cargo operators, storage and warehousing services, etc.
Officials opined that including the building component under this scheme could fetch better returns. They further said exempting the requirement of security for bank loans up to Rs 10 lakh by coordinating with the Reserve Bank of India could multiply investment several times. Since such a provision was available under the centrally-sponsored schemes, the state too could introduce this provision to make the scheme more lucrative.

Exemptions for young investors

• The scheme with a budget of Rs 80 crore has been allocated for the state
• It is available for all manufacturing and service sector enterprises
• It provides exemptions to young investors in the age group of 18 to 35 years

By: Pooja Sharda