In a groundbreaking move aimed at catalyzing employment and entrepreneurship, the Bihar Government has rolled out the Mukhyamantri Udyami Yojana (Chief Minister Entrepreneur Scheme). This visionary initiative seeks to provide crucial financial assistance to individuals aspiring to embark on their entrepreneurial journey.
As the online application window for this scheme opened on September 15, it’s time to delve into the details of this transformative program that is set to shape the economic landscape of Bihar.
Page Index
Application Details
The online application process for the Mukhyamantri Udyami Yojana commenced on September 15, and interested individuals have until September 30, 2023, to submit their applications. This user-friendly online portal ensures easy access for potential entrepreneurs, streamlining the application procedure.
Loan Application Period for Existing Businesses
Beneficiaries from the years 2018 to 2022 under the Mukhyamantri Udyami Yojana can apply for loans from BICICO on the MMUY portal. The application window for this specific category is open from November 1 to November 30, 2023, providing an opportunity for existing businesses to expand their operations. The maximum loan amount stands at an impressive Rs 20 lakh.
Proprietorship Account Validity
For proprietorship ventures, individuals can use their personal savings account in their name or a savings account in the firm’s name. However, it’s essential to note that the sanctioned amount will only be transferred through RTGS to the current account in the firm’s name after the applicant converts their personal current account into the firm’s name and updates the portal accordingly.
District-Wise Selection Process
The Mukhyamantri Udyami Yojana selected 9,247 applications based on district-wise targets for FY 2023-24. The selection is categorized into three groups, and once a category is selected or an application is submitted, modifications are not allowed. This approach ensures a fair and streamlined selection process.
Financial Assistance
Under this scheme, the Bihar Government Industries Department provides a substantial loan of Rs 10 lakh to aspiring entrepreneurs, particularly focusing on youth and women. Out of this amount, Rs 5 lakh is granted as a subsidy, while the remaining Rs 5 lakh is offered as a loan at zero percent interest, with a comfortable repayment period of seven years. This financial aid is exclusively directed towards establishing new industries, contributing to job creation and economic growth.
Who Can Apply?
The Mukhyamantri Udyami Yojana accommodates various categories to ensure inclusivity:
- Scheduled Caste/Tribe Entrepreneur Scheme: Open to men and women belonging to Scheduled Caste or Scheduled Tribe.
- Extremely Backward Class Entrepreneur Scheme: Designed for extremely backward men and women.
- Youth Entrepreneur Scheme: Facilitates a loan of Rs 5 lakh at a nominal 1 percent interest rate for eligible youth.
Eligibility Criteria
To be eligible for this scheme, individuals must fulfill the following criteria:
- Permanent resident of Bihar.
- Educational qualification – Intermediate, ITI, Polytechnic, Diploma, or equivalent.
- Age between 18 and 50 years.
- Possession of a personal current account.
Required Documents
Applicants need to provide a comprehensive set of documents, including:
- Permanent Residence Certificate
- Matriculation Certificate (for age verification)
- Intermediate or equivalent qualification certificate
- Organization Certificate
- Aadhar Card
- PAN Card
- Photograph
- Signature
- Bank Statement
- Canceled Cheque
How to Apply?
Interested individuals can seamlessly apply for the Mukhyamantri Udyami Yojana by visiting the official website https://udyami.bihar.gov.in/.
Industrial Benefits
Units established under this scheme will not only receive financial assistance but will also enjoy the benefits outlined in the Bihar Industrial Investment Promotion Policy 2016.
In conclusion, the Mukhyamantri Udyami Yojana stands as a testament to the Bihar Government’s commitment to fostering entrepreneurship and generating employment opportunities.
With nearly 30,000 entrepreneurs having availed the benefits of this scheme by August 31, 2023, and a substantial amount of Rs 2155 crore released as assistance, the impact of this initiative is evident.
For those looking to be a part of Bihar’s economic resurgence, the time to explore the possibilities under the Mukhyamantri Udyami Yojana is now. For more detailed information, visit the official website https://udyami.bihar.gov.in/.
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