Karnataka government launches Swami Vivekananda Yuva Shakti Yojana on 23 March 2023. In this scheme, loans for self employment activities would be provided through banks including government support. Read this article till the end to know complete details about Swami Vivekananda Yuva Shakthi Yojane.

Swami Vivekananda Yuva Shakthi Yojane in Karnataka Budget 2023-24

Finance minister has already presented Karnataka Budget 2023-24 on in which he said "Youth Policy 2022 has been formulated for overall development of youth. To encourage self-employment for rural youth, under the Swami Vivekananda Yuva Shakthi Yojane, a revolving fund of Rs.10,000 will be provided for every Swami Vivekananda Youth Joint Liability Group established in Gram Panchayat level in the year 2022-23. Further for undertaking self-employment activities, Rs. 5 lakhs of financial assistance will be provided through bank of which Rs. 1 lakh will be government support".  

Karnataka Swami Vivekananda Yuva Shakti Yojana Launch

CM Basavaraj Bommai has launched self-employment scheme known as Swami Vivekananda Yuva Shakti Scheme on March 23. CM said women's self-help groups (SHG's) 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 till the production starts and they must guide them. 

The chief minister also instructed that 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. He also 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. 

Progress of Swami Vivekananda Yuva Shakti Scheme

Focussing on the progress of the Swami Vivekananda Yuva Shakti 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 18 March , 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. To avail of 9300 BC service from banks, common service centres, State Bank of India, and NLM regarding the scheme linkage, account opening, and loan activities, the incentive of Rs. 2000 from nationalized banks and Rs. 4000 from cooperative banks have been given. 

Earlier, a proposal was submitted by the chief minister to Union Finance Minister to bring joint privilege groups on lines of the National Credit Guarantee Trustee Scheme on February 2, 2023.