Why in the News?
The Ministry of Cooperation, in written reply to a question in the Lok Sabha has informed about the progress of the Yuva Sahakar Scheme.
Current Financial Details:
- As of 30th November 2024, the following financial assistance details have been recorded:
- Sanctioned Amount: ₹4734.97 lakh to cooperatives with 18,915 beneficiary members.
- Disbursed Amount: ₹294.44 lakh.
- Sanctioned for 2024: ₹230.61 lakh, with ₹89.88 lakh disbursed.
|
About the Yuva Sahakar Scheme:
|
Details |
| Overview and Objectives |
- Launched in 2018 under the Ministry of Agriculture and Farmers Welfare.
- Implemented by NCDC (National Cooperative Development Corporation), which operates under the Ministry of Cooperation
- Goal: To promote the formation of new cooperative societies and encourage innovative ideas from young entrepreneurs.
- Targets cooperatives that have been operational for at least 3 months.
| NOTE: NCDC was established in 1963 as a statutory Corporation under Ministry of Agriculture & Farmers Welfare. |
|
| Features and Provisions |
- Loan Tenure: Up to 5 years.
- Interest Subvention: 2% subvention on the applicable interest rate for term loans related to project activities.
- Subsidy Integration: Loans can be combined with subsidies available under other Government of India schemes.
- Eligibility: All cooperatives in operation for at least 1 year are eligible for funding based on proposed projects.
|
| Significance |
- Encourages cooperatives to explore new and innovative areas.
- Dedicated fund by NCDC for youth cooperatives.
- Linked to the ₹1000 crore Cooperative Start-up and Innovation Fund (CSIF).
- Increased funding for cooperatives from North Eastern regions, Aspirational Districts, and those with women, SC/ST, or PwD members.
|
