Bihar Mukhyamantri Yuva Udyami Yojana 2021 Application / Registration Form / Interest / Loan Repayment Time / Installment

The youth of a nation is its greatest strength. To offer the right platforms and avenues for the youth to succeed stands to be the responsibility of governments. The Bihar government, understanding the potential of its youth, has launched the Bihar Mukhyamantri Yuva Udyami yojana 2021.

Implementation of the scheme

The Bihar government has approved the Mukhyamantro Yuva Udyami Yojana, under which, the state government will provide cash incentives in two main instalments in the current financial year based on the specific needs of the business.

To implement the scheme smoothly, the Bihar government earmarked the amount of ₹200 crores.

The objective of the Yuva Udyami scheme

The main objective of the scheme is to encourage entrepreneurship between ₹5 lakh through cash subsidy and interest-free loans to the youth to start a business. This is to ensure that entrepreneurs, especially from the lower economic strata, do not find resistance when it comes to starting or working on their own business. Lately, with the pandemic, several businesses all around the nation have suffered severe hits.

The main benefit of the scheme is that after availing of the loan, the youth can repay the loan in 84 monthly instalments.

Documents needed to apply for the scheme

  • Aadhaar card
  • Caste certificate
  • Income certificate
  • Educational qualification certificate

Eligibility Criteria

In order to avail the benefits of the scheme, the following criteria have to be followed:

  • The applicant must be a permanent resident of Bihar.
  • The applicant should be of a scheduled caste (SC) or Scheduled Tribe (ST) community.
  • The applicant should possess an intermediate, ITI, polytechnic or a degree that is likewise.
  • The age of the applicant should be between 18 years to 30 years.
  • The applicant should be registered under the Institute proprietorship, partnership, Limited liability partnership, or Private limited company.

Wrapping it up

For the longest time, the youth of Bihar have seen travelling to metro cities as the only way out of poverty. Now, through the implementation of the Yuva Udyami scheme, youngsters have a chance to redeem themselves and lead dignified life.

It has been a trend for decades now that youngsters from underdeveloped regions travel to developed areas to earn a living. And while it might be better for the youngsters and their families, it turns out not so very well for cities which turn out a cesspool of diseases and overpopulation.

To ensure there are equal opportunities for all, irrespective of where one is located, this scheme comes into effect.  With this scheme in place, youngsters will now find it more feasible to start their own businesses and flourish in the state they belong to. One would no longer have to leave their households behind in search of jobs. With proper support from the government, the youth of the state will benefit immensely and prosper by leaps and bounds.

The idea of a nation that has developed even in a rural setting is no longer a dream, but a reality.

Similar Yojanas

Schemes launched by the state government

The state governments of India are the next important government bodies right after the central government of the country. The state governments constitute 28 states and 8 union territories

India is a democratic and republic country wherein highest authorities and powers are proffered to the central government. For the state government, real executive powers are given to Chief Minister as he is responsible for heading the Council of Ministers. The state governments of India work toward internal security, such as police department, social welfare, public health betterment and other similar state-related issues. The state government of the country earns its employee income from sales tax services, stamp duty services, and from some parts of GST.

The state governments have launched a variety of schemes so far. Some of the examples are as follows:

In Andhra Pradesh, Chandranna Bima Yojana, National Energy Efficient Agriculture Pumps Program, and Smart Pulse Survey have been launched. In Assam, Mass Rapid Transit System has been recently launched. In Maharashtra, Police Pratisaad Ask services and various schemes for the betterment of farmers have been launched. In Karnataka, PM Santwana Harish Yojana, and Housing scheme for Transgenders have been launched. In Uttar Pradesh, Deen Dayal Upadhyay Gram Jyoti Yojana, Hausla Paushan scheme, and Swadhar Greh yojana have been launched.

The state government of India monitors both rural and urban development. However, it is not feasible for the state government to monitor all rural and urban local government bodies. Thus, based on the provided funding and coverage, rural and urban local entities create development plan whenever required. These government entities work in close association with planning commission and local or regional government sectors and authorities.

Apart from these schemes, the state government also ensures the effective implementation of centrally sponsored schemes in respective states.