Madhya Pradesh, the second largest state of India in terms of area which is located in the central part of India with over 75 million people residing in It. Bhopal is the capital of Madhya Pradesh. The economy of the state is Rs 8.09 lakh crore which makes Madhya Pradesh the 10th largest state. The micro small and medium enterprises and like engines of economic growth.
To promote equitable development of the state on 5th April 2016 Department of MSME was established to make policies and schemes so that MSMEs can become competent and can flourish. These schemes also help to increase employment opportunities and are offered to both rural and urban entrepreneurs. Are you a resident of Madhya Pradesh and want to set up your own business then do read till the end as to know what benefits you can avail from the scheme offered by the government of the state:-
- Mukhya Mantri Yuva Udyami:- To spread an entrepreneurial culture among the youth of Madhya Pradesh and to increase employment opportunities the government of Madhya Pradesh introduced this scheme on 1st August 2014. The nodal department to implement this scheme is the department of commerce, industry and employment. The main objective of Mukhyamantri Yuva Udyami Yojana is to extend hands in areas of enterprise creation and skill development training by rendering financial assistance to people of all categories.
The scheme provides financial help in the form of loans to set up a business. Your project should cost between Rs. 10 Lakh and 1 Crore if you want to take advantage of this scheme. The loan amount would be disbursed within 15 days from the acceptance of the application. The Government of the state will grant 15% of the project cost and a maximum of Rs.12 Lakhs as margin money. The rate of interest on the loan is 5% of the cost of the project per year for 7 years. You need to pay a guarantee fee at the prevailing rate for 7 years.
The eligibility criteria to take benefits under this scheme are as follows:-
- The applicant should be a domicile of Madhya Pradesh.
- The applicant should have qualified 10th standard.
- The age bracket should be from 18 to 40 years.
- If the applicant is referred to as a defaulter by any of the nationalized or private sector banks he/she cannot apply for this scheme.
- An applicant who is taking benefit under any State Government schemes or any other entrepreneur schemes is not allowed to apply for this scheme.
You need to attach the following documents along with the application form if applied offline, whereas if you are applying online then you need to upload scanned copies of the document:-
- Resident certificate of Madhya Pradesh
- Project Report Aadhar Card
- Applicant’s photograph
- Birth certificate
- Academic qualification certificate
- Caste certificate
- Current rate quotation of machinery, equipment, furnishing etc.
- L. Certificate
- Enterprise development training certificate.
- Mukhya Mantri Swarojgar Yojana:- This scheme has been implemented to establish self-employment for the educated unemployed. Loan cases can be prepared for industry, service or business. You can even apply online for the scheme and even the loan cases are sent online to banks for approval. Financial support of 50 thousand to a maximum of 10 lakh can be availed.
In the case of the general category applicants, who are living below the poverty line can get 30% of the subsidy amount and a maximum of Rs 2 lakh. No separate provision is there for senior citizens.
Under this scheme, a maximum amount of 30% of the margin money is given to women applicants belonging to SC, ST, Other Backward Classes, and minority sectors. Whereas 15% of the margin money is given to general category applicants. A maximum amount of 1 lakh can be provided as a loan. The rate of interest of subsidy is 5% and for the female applicant, the amount rate of interest on subsidy is 6%. For the beneficiaries belonging to nomadic and semi-nomadic tribes a maximum amount of 3 lakh would be given as a grant.
The scheme is completely being operated online. The applicants should take all their documents from their nearest online centre. The documents you need to take are a 10tmark sheet, Aadhar card, Voter card, Ration card, Income certificate, Caste certificate, Resident Certificate, Bank passbook, proposed project report and 1 passport size photo. The age of the applicant should be between 18 years to 45 years and should be a native of Madhya Pradesh.
- Madhya Pradesh MSME Protsahan Yojana:- To boost Micro Small and Medium Enterprises Government of Madhya Pradesh has launched this scheme. This scheme would focus on attracting investment and encouraging job creation opportunities among MSMEs in the state. Under this scheme, the government would provide a 40% grant for setting up businesses in the state along with a provision of acquiring cheap land by providing 70 % of employment to locals. The grant would be provided in four instalments. Women, ST and SC entrepreneurs would get an additional grant of 2 to 2.5%.
Now, you may have understood about the schemes offered by the Madhya Pradesh government then what is keeping you waiting! Grab the opportunity to set up your own business.
Read more about the Schemes levied by other states for MSMEs here.