Karnataka CM Basavaraj Bommai to launch Swami Vivekananda Yuvashakti scheme on March 23

“The women’s self-help groups have been active for the last so many years. But a self-employment scheme has been formulated for the first time for youths, and the chief executive officers of the zila panchayats must prioritize this. Their work does not end with the formation of joint liability groups and distribution of revolving funds as they have to identify the groups, help to avail loans, start the units, and till the production starts. They need to guide them,” said the Chief Minister. He also instructed the counsellors appointed to select projects must arrange for training from the experts in the respective areas in which the youths take up projects. Then only this scheme be successful.

The CM advised bankers to support the youths at the time of advancing the loans for the Yuvashakti groups. The banks are free to give loans of more than Rs 5 lakh fixed by the government if the projects are profitable. Focussing on the progress of the scheme to date, there are 5951-gram panchayats in the state and the finance department issued orders on March 8, 2023, to constitute two joint privilege committees in each village under the Swami Vivekananda Yuvashakti scheme.

Accordingly, as on March 18, 6509 joint privilege committees have been constituted, and another 5393 committees are to be constituted. Already, Rs 10,000 has been released to each of the 1754 joint privilege committees. In total, Rs 1.75 crore has been released for the revolving fund. 100 model proposals are submitted to banks of which banks have given their assent to 551 projects and submitted for loan sanctioning.