Telangana Launches Rajiv Yuva Vikasam Scheme for Youth Self-Employment

A Revanth Reddy launched the ‘Rajiv Yuva Vikasam’ Scheme on the premises of the Telangana Legislative Assembly in a recent attempt to advance both economic growth and self-employment options. The plan has been structured to offer economic support for unemployed young people who belong to the families classified as SC and ST while covering those from BC communities together with minorities. The scheme receives funding of ₹6,000 crore from the government to generate five lakh self-employment opportunities throughout the state.

Objectives of the Rajiv Yuva Vikasam Scheme

• The central goal of the scheme enables unemployed youth to receive monetary help which lets them start their own businesses. 

• This program supports the government initiative to drive economic growth together with social betterment especially among underprivileged groups.

Key Goals:

• Eligible youth can obtain self-employment loan funding.

• The scheme aims to decrease the numbers of unemployed members in SC, ST, BC and Minority communities.

• Support the development of business-mindedness and independence through economic initiatives.

• Government measures should provide equal access to financial aid to diverse population segments.

Financial Assistance and Subsidy Structure

• Financial support totaling ₹3 lakh will be available under the Rajiv Yuva Vikasam Scheme as beneficiaries start their self-employment units. 

• The planning for loans includes robust financial support through subsidies to maintain low costs of borrowing.

• Loan Assistance: Up to ₹3 lakh for business setup

Subsidy Breakdown:

• Beneficiaries who obtain loans worth ₹1 lakh receive an 80% subsidy that comes from government resources.

• The government provides full subsidy of ₹1.4 lakh when a beneficiary obtains loans up to ₹2 lakh.

• The government provides 60% of a subsidy for loans that do not exceed ₹3 lakh.

• The funding structure provides larger financial backing to smaller loan amounts whose purpose is to stimulate youth participation in small and medium-scale business initiatives.

Application and Selection Process

• The Rajiv Yuva Vikasam Scheme application procedure will begin operation during the upcoming month. 

• The application screening process will verify the legitimacy and deserving nature of candidates availing financial support.

• Key Dates:

  • Application scrutiny begins next month.

  • Final selection of beneficiaries.

  • Loan sanction documents will be issued on June 2nd simultaneous to Telangana Formation Day.

• The well-planned timeline helps both applications processing speed up and funding distribution occur promptly.

Impact and Expected Outcomes

• This program will deliver major shifts in Telangana's employment situation through its capability to support young business founders in establishing their companies. Through the scheme Telangana will achieve three main long-term advantages:

• The employment situation improves for people who belong to disadvantaged communities.

• The scheme promotes development within small and medium enterprise sectors (SMEs).

• Boost to state-wide economic development.

Conclusion 

The program will enhance access to financial products for underprivileged groups. Telangana stands as one of the largest self-employment programs under this scheme because of the substantial financial support from the government for youth empowerment.