SVAYEM Scheme 2020 is launched with new hopes and aspirations in favor of Assam State. The initiative is the new name given in the form of opportunity. The SVAYEM Scheme 2020 got projected to benefit the youths of Assam and make arrangements for their means of livelihood.
The youths of today play an essential role in nation-building. It has the intensity to help a country develop and move towards the path of progress. It is very much responsible for bringing social reform within a country. The youth of a country determine the future of a nation, and its growth is directly proportional to the efforts put in by our youngsters of today. The SVAYEM Scheme 2020 is a leading component of encouraging the scope of entrepreneurship in the current scenario.
Coronavirus has had a devastating effect on the overall development of the country. Every sector of the developing Nation has suffered due to this pandemic. The most affected industry is associated with the youths of today. They got immensely affected and left with no means of livelihood or even a single meal. To encourage and support their passion in multiple sectors, SVAYEM Scheme 2020 has played a significant role.
Swami Vivekananda Assam Youth Empowerment Scheme 2020
Assam State is already playing an exemplary role by initiating SVAYEM Scheme 2020. Swami Vivekananda Assam Youth Empowerment or SVAYEM Scheme 2020, announced by the Hon’ble Finance Minister of Assam on 7th February 2017, is a flagship program to provide financial assistance to the youths of State to take up income-generating activities in the field of manufacturing, trading, and service sector. The SVAYEM Scheme 2020 plan was initially launched in the year 2017 and got renewed in the year 2020.
Under this renewed SVAYEM Scheme 2020, Govt. shall provide Rs. 50,000 each to 2 lakh youths to promote an entrepreneurship environment. All the interested candidates can apply and fill the Assam SVAYEM Scheme 2020 online application or registration form.
Earlier, the scheme was initiated and managed by the Dept. of Industries & Commerce, Assam. This year (2020), the said scheme to be implemented by the State Finance dept., Govt. of Assam with other nodal agencies’ help. The initial terms and conditions of this scheme were different under this scheme. Still, this year, the entire strategy has been rejuvenated to meet society’s current situation and needs.
The Objective of SVAYEM Scheme 2020
The objectives of the SVAYEM Scheme 2020 are as follows:
- To generate employment opportunities in rural & urban areas by setting up new ventures and growing existing ventures.
- To provide financial aid and help to micro/small business entities engaged in manufacturing, trading, and other services.
- To avail financial assistance for enhancement of income level of traditional artisans ensuring sustainable growth.
- To encourage entrepreneurship amongst the youth of today.
Eligibility Criteria
All the applicants must fulfill the below-mentioned eligibility criteria to avail of the benefits of the SVAYEM Scheme 2020:-
- The applicants should be a permanent (full-time) resident of the State of Assam.
- The age of the applicants must be less than 40 years.
- He or She must have passed the matriculation.
- The applicants should be a part of the existing (SHGSs) Self Help Groups, Joint Liability Groups, etc., before 1st September 2020.
- The beneficiary who has completed skill development training be given the preference.
- The beneficiary must not be the defalcator of any loan. If the beneficiary’s information was discovered to be incorrect later, action would be taken against the beneficiary, including cancellation of the loan, recovery of amount as Bakijai, and barring for future benefit under any Govt. Scheme.
- PMEGP beneficiaries of the last five years shall not be eligible under the scheme.
Benefits under SVAYEM Scheme 2020
The benefits of the SVAYEM scheme 2020 include:
- Rs. Fifty thousand will be provided as seed money to each individual under the renewed Swami Vivekananda Assam Youth Empowerment Yojana (SVAYEM scheme 2020).
- The groups of five members would be entitled to receive Rs 2.5 lakh, groups with ten members would be allowed for Rs 5 lakh, and so on, with the maximum limit for members being 20.
- The scheme’s total budget is worth Rs—1000 crores, which will be given entirely from government funding. The beneficiaries would include all self-help groups, joint liability groups, and various other groups and federations who organized themselves for entrepreneurial projects and promote the entrepreneurship environment.
- To provide financial assistance to micro/small business entities engaged in manufacturing, trading, and other services.
- To provide financial assistance for the enhancement of the income level of traditional artisans while ensuring sustainable growth.
Online Registration Procedure
Procedures to apply online for SVAYEM Scheme 2020 include:
Step 1- One needs to visit the Official Website of Swami Vivekananda Assam Youth Empowerment Scheme, i.e., https://assam.gov.in/.
Step 2- Click on the Option “Application Form for SVAYEM Scheme” link on the Homepage.
Step 3- The application Form page is displayed on the screen, and the applicant needs to take a print out of it.
Application-Form-for-SVAYEM-SchemeStep 4- They now need to fill in the required details and attach all of the application form documents. Supporting documents need to be uploaded online as well.
Step 5- On receipt of the online application, General Manager, DICC will scrutinize them and forward them to the District Level Committee (DLC) for approval.
Step 6- District Level Committee will examine the application and recommend it to the Bank for consideration online.
Step 7- Bank will take its credit decision based on the viability of each project. They will appraise the project both technically and economically with the approved project cost of DICC and will accordingly issue sanction of the proposal within 30 days.
Step 8- After sanctioning the Bank’s proposals, the loan is released, usually within five (5) working days after the beneficiary deposits promoter contribution and receipt of subsidy claim, whichever is later.
Step 9- Upon sanctioning the loan, Bank will submit the Margin Money Subsidy proposal against the borrowers to a Nodal Bank approved by the Assam Government. The Finance Department will execute an MOU with the Nodal Bank to release the Margin money amount to the Financing Bank Branch.
Step 10- Bank will update the status of the online MIS system of the scheme.
Required Documents for SVAYEM Scheme 2020
The list of essential documents for SVAYEM Scheme 2020 includes:
- SVAYEM Scheme 2020 application form
- Ownership identity documents
- Copy of business registration certificate
- Copy of business license
- The national food security card, if applicable.
- Residence proof
- Skill development training Certificate if applicable
- Experience certificate if applicable
- Age proof
- Proof of qualification
- Identity proof (voter ID, driving license, PAN Card, Aadhar Card, passport, etc.)
- Scheme report for the proposed project.
Role of Aatmnirbhar Sena
Aatmnirbhar Sena is committed to working relentlessly to help small businesses, youths, and budding entrepreneurs grow and achieve their goals. We aim at empowering youth and minorities through business development training and other training programs.
Today, the world is witnessing tremendous changes on all fronts due to the pandemic, and the global market is in a state of distress. Our country has everything in abundance, be it demand, labor, skill, etc. All we need is appropriate business development guidance, capital funding, and technical assistance. As a full-fledged organization, we are trying our best to assist the Assam Government with this good cause of SVAYEM Scheme 2020 and motivate most youth towards the growing trend of entrepreneurship.
We shall act as a launch pad for those who wish to re-build their dreams. We further decided to offer a low-cost business development mentorship program, capital arrangement, financial management, technical assistance, and other services to budding entrepreneurs of Assam’s State.
Conclusion
SVAYEM scheme 2020 is an excellent initiative by the Assam Government to motivate youths today towards the entrepreneurship ecosystem. The plan’s message is to make the educated youths of Assam take up income-generating activities and encourage most of the masses towards entrepreneurship.
