Rs 1000 crore start-up scheme launched to encourage youth in Agriculture

Indian Agriculture Minister Shri Radha Mohan Singh on 14 November launched a-Rs 1000 crore start-up scheme to encourage the young generation to join cooperative business ventures in agriculture and related sectors. Apart from a subsidy for the industrialists or entrepreneurs, the latest scheme also provides an interesting grant of 2 percent/ annum.

National Cooperative Development Corporation or NCDC has brought the Yuva Sahakar-Cooperative Enterprise Support and Innovation Scheme. The scheme will also be linked to Rs 1000 crore ‘Cooperative Start-up and Innovation Fund (CSIF) formed by NCDC. The scheme would offer more incentives for cooperatives of the North-East region, aspirational regions, and cooperatives that have women members, schedule tribes, scheduled castes or people with disabilities.

Singh said “NCDC has created a dedicated fund with moderate features allowing the youth to avail the scheme adding that government has been encouraging start-ups for ease of doing business”.

Singh further added that the financial support will be up to 80 percent of the project cost for these special categories as against 70 percent for the other people. He said, “The scheme envisages 2 percent less than the valid rate of interest on term loans for the project cost of up to Rs 3 crore with 2 years moratorium on payment of principal. All sorts of cooperatives in operation for 1 year are eligible”.