Hyderabad: Telangana chief minister Revanth Reddy will launch the Rajiv Yuva Vikasam Scheme today, aimed at supporting unemployed youth through self-employment initiatives.
The scheme will provide financial assistance to youth from SC, ST, BC, and Minority communities through their respective finance corporations, enabling them to start businesses.
Scheme guidelines and implementation
Deputy chief minister and finance minister Bhatti Vikramarka reviewed the scheme’s guidelines on Sunday in a meeting with welfare minister Poonam Prabhakar and the chairpersons of SC, ST, BC, and Minority Corporations. Bhatti Vikramarka described the Rajiv Yuva Vikasam Scheme as a significant step by the Congress government to address unemployment.
Applications for the scheme will be accepted from March 17 to April 5. The scrutiny process will take place between April 6 and May 31, and financial assistance will be disbursed on Telangana’s Foundation Day. The government has allocated Rs.6,000 crore to support five lakh youth, with 4,200 beneficiaries selected from each Assembly constituency.
Loan and subsidy structure
The scheme will offer loans under three categories:
- Category 1: Rs.1 lakh loan with an Rs.80,000 subsidy
- Category 2: Rs.2 lakh loan with a 70% subsidy
- Category 3: Rs.3 lakh loan with a 60% subsidy
Beneficiaries will be selected by mandal-level committees under the supervision of District Collectors.
Special provisions for minorities
Minority Finance Corporation chairman Ubaidullah Kotwal proposed increasing the loan limit to Rs.5 lakh for minority youth, with a 50% subsidy.
He also suggested a Rs.1 lakh direct subsidy from the corporation, while loans of Rs.2 lakh would receive a Rs.30,000 subsidy. Of the total Rs.6,000 crore budget, approximately Rs.850 crore is expected to be allocated for minorities.
Bhatti Vikramarka agreed to release the required funds to support the ongoing schemes under the finance corporations.
