In an effort to enable unemployed youth, the government offers a range of schemes designed to help them find employment or start their own enterprises. Discover these programs here.
Schemes for Youth against Unemployment: Unemployment has become a significant problem in contemporary times. Numerous young individuals with multiple degrees still find themselves without jobs. To address this, the government offers various schemes like the Pradhan Mantri Mudra Yojana, Pradhan Mantri Kaushal Vikas Yojana, and PM SVANidhi Yojana. Learn how to take advantage of these programs.
Prime Minister’s Mudra Scheme
The Modi government initiated the Pradhan Mantri Mudra Yojana (PMMY) in 2015 to boost self-employment. The scheme provides collateral-free loans of up to 10 lakh rupees for non-corporate and non-agricultural activities. If you wish to start your own business but lack the necessary funds, you can utilize this government scheme to meet your financial needs.
Loan is available in 3 categories
- Shishu Loan- In this, financial assistance of up to 50 thousand rupees is given.
- Kishor Loan- In this, loan up to 5 lakhs is given.
- Tarun Loan- In this, an amount of up to 10 lakh rupees is given as loan.
Pradhan Mantri Kaushal Vikas Yojana
Launched in July 2015 to make youth self-sufficient, this scheme, also called the Prime Minister Youth Training Program, provides free training in numerous fields to enhance employment opportunities. The training is entirely free, and a stipend is given during the training period. After completing the training, participants receive a certificate, which they can use to find a job in the private or public sector or to start their own business.
PM Swanidhi Scheme
The PM SVANidhi scheme offers loans of up to 50,000 rupees to street vendors without requiring any collateral. This initiative was launched by the Modi government in 2020 to help street vendors become self-sufficient, enhance their livelihoods, and increase their income. The loan is provided in three phases and must be repaid within 12 months. Vendors can initially apply for a loan of up to 10,000 rupees to kickstart their business. Upon timely repayment, they can then access a loan of up to 20,000 rupees in the second phase, and up to 50,000 rupees in the third phase.
