Under the Swayam program, the Odisha government will lend money to young people at no interest.
Under the ‘Swayam’ plan, the Odisha government has decided to offer youths in the state interest-free loans up to Rs 1 lakh.
Odisha Agriculture Minister Ranendra Pratap Swain stated that Chief Minister Naveen Patnaik has chosen to implement the Swayam plan in order to provide more jobs or income to young people living in rural and urban areas.
Small business owners can obtain finance without the need for collateral security. The state government will bear all of the costs.
They can start a new business or improve their current one by taking up to Rs 1 lakh at a time.
Under Swayam, interest-free loans of up to Rs 1 lakh would be given to 1 lakh qualified youngsters in rural areas and an equivalent number in urban areas between the ages of 18 and 35 to help them launch new businesses or grow current ones.
All young people without jobs in rural areas or those who don’t have any outstanding loans from any state or centrally funded programs will be qualified.
The state would spend Rs 672 crore on the programme over its two-year operational period.
Additionally, the government has agreed to give two jute bags, each with a capacity of 20 kg and 10 kg, to every PDS family at no cost for daily use.
The plan, Mukhyamantri Maschyajibi Kalyan Yojana (MMKY), was also approved by the state cabinet.
Government will implement it during the 2023-24 fiscal year with a total budget outlay of nearly Rs 448 crore.
