Samajwadi Yuva Swarojgar Yojana loan scheme in UP (SYSY)
Well, it cannot be denied that India is one of the most developing countries at present and very soon, as Indians we will be able to call us a completely developed nation. But at present, one of the major issues that India has to deal is unemployment. A huge number of qualified educated youths are unemployed and it is clear that India does not have the proper infrastructure to offer job to each and every family. With such an increased number of educated yet unemployed individuals, Indian government has taken up a really important step to make sure that every family can have at least one working person.
And here in lines the importance of the Samajwadi Yuva Swarojgar Yojana Loan scheme. The scheme is going to help the residents of Up to a great extent. At the initial phase this scheme is launched in UP but gradually this is planned to be launched on an all India basis. The SYSY scheme shall reduce the rate of growing unemployment in UP and this is why the easy loan scheme has been given so much importance. Now, the major question that arises here is how will an easy loan scheme help in reducing the growing rate of unemployment?
What is the SYSY going to offer?
The SYSY scheme is going to offer easy financial support for the small traders of the state and at the same time this will also offer financial support to the young Indian entrepreneurs who are looking for help from the government to set up their individual business. As the scheme name says, it is for the unemployed or self employed youth of the country. This is going to be a flagship project of the Samajwadi party of the country. Well, some are of the opinion that this scheme has been introduced for brainwashing the people so that the party can gain power for the second time in UP. With the elections in UP knocking at the door, this might be a strategy to gain the attention of common people, but that cannot be said definitely. But similar schemes have been launched by the party like the insurance policy; pension scheme and similar health benefit schemes.
The details of the SYSY scheme
The UP government is going to offer easy loans to the small businessmen within this scheme and a total of 25 lakh shall be offered to the eligible beneficiaries. This huge amount can be taken out on corpus from the state government. And this amount can be utilized for setting up a new business or update an existing business. Well, with a good amount of financial help at hand, and with ease, this is definitely going to increase the income of the small scale business organizations. And when the small scale business organizations will have the opportunity to expand, this will be definitely be an employment generating tool. It is going to be helpful for the start up business organizations and young entrepreneurs to get financial help for supporting their business.
The best part of this scheme is, the UP state government is going to offer the 25 Lakh rupees to those beneficiaries who already have 1 Lakh rupee in possession. But remember that this 25 Lakh is the maximum amount that can be allotted. And no amount extending this 25 Lakh shall be provided. And this is why, those young entrepreneurs with little capital and bigger dreams can start their own business. Apart from this there is also a set of eligibility that needs to be followed to attain this scheme. To be eligible for this scheme, the applicant needs to have a formal education and also have some basic skills. There will be special benefits for certain categories of beneficiaries.
Eligibility criteria for the loans of SYSY
The eligibility guidelines for UP government regarding the SYSY loans are as follows:
To have this loan, the applicants must have a certain amount of money already at hand. And the basic amount will be 1 Lakh rupees without which this amount shall not be offered to the individuals looking to start up their business.
The applicants need to be within the domicile of UP only and no other applicants shall be allowed. The minimum age for application of this scheme is 18 years and the maximum age for application of this scheme is 40 years. Above which, individuals shall not be allowed to have the loan.
Multiple applications from one family are not allowed for this scheme. Only one individual from a family is allowed to attain this loan scheme.
Few important conditions of this scheme
If any applicant has already applied for any government loan schemes or taking the benefit of any state government scheme, then he/she is not eligible for taking up the SYSY scheme. Multiple applications will turn into cancellation of this scheme for the beneficiary.
Another important condition is, if any party or individual is declared as the defaulter by any bank or a financial institution, then, that person is not at all eligible for the Swarojgar Scheme.
The employment opportunity for this scheme
After the small business gets the opportunity to expand, it will have the capacity to employ more man power and this in turn will reduce the unemployment problem to a considerable extent. This is why the start ups are really necessary for our country, because it can give employment to the skilled and needful youths of the country. According to a simple projection, every beneficiary can create a job opportunity for 50 unemployed youths and according to this calculation, if 1000 beneficiaries are offered this financial support, then there will be 50000 employment in a really short time.
The sustainability of Samajwadi Yuva Swarojgar Yojana
Well, it cannot be denied that the scheme plans to offer great support to the individuals looking to set up their business. While this seems to be really great on pen and paper, but there are some sustainability concerns that cannot be missed out in this scheme. The primary factor is the condition of 1 lakh rupees, which the applicants must have for attaining this scheme. In rural areas, it might be easy for the people of urban areas to have such an amount, but it is really tough for people to accumulate 1 lakh rupees. Most of the people do not have such an amount of capital to set up a business.
The next thing is, applicants must have 10th standard education and business skills. A lot of these micro traders, farmers, craftsmen and small business organizations will not have the skills and education to get this loan. And this might prevent them in getting the benefit of the government scheme. Also the scheme requires essential business skills which the start ups might find it difficult to have. And this is what raises the question about the feasibility and sustainability of this scheme.
The minimum education and trade skills
It has been stated by the state government of UP that it will initialize a screening process where the beneficiaries will have to submit the documents of class 10 pass and also one must have the necessary skills for continuing the business. The government authorities shall also examine the business skills and the practical knowledge before the plan is finally approved. Also, the beneficiaries need to project the scope and employment generation of this business. So you need to remember that the government is not at all reluctant for offering the loans to the small scale traders. This is really serious!
What will be the contribution of the state?
The government is going to have 90% share in offering the money. For small scale industries, the margin of money will be up to Rs 6.25 lakh. And for the service industry, the maximum margin is Rs 2.5 Lakh. And this is why; a scheme like this is huge scope for small scale organizations for growing their businesses by taking up loans from the central government. A special facility is there for the SC, ST, and PWD, economically weaker sections or the religious minorities. To make the contribution of the remaining 10% of the loan, general applications are essential. The applications of special category shall be provided with credit if they can make contributions for 5% of the corpus.
A tabular overview of the details of SYSY loan scheme
|SL NO||Facts to know about SYSY Loan scheme||Brief details|
|1.||Launch date||August 2016 (exact date unknown)|
|2.||Online application||Available in official website|
|3.||Documents required||Photocopy of high school certificate
Photocopy Birth certificate
Photocopy of Aadhar Card
(scanned for online application)
|4.||Affidavit||Needed for this scheme|
|5.||Availability of other central government scheme||Applicant cannot be under any other central government scheme|
|6.||Eligible in||All districts and cities of UP|
|7.||Availability of subsidy||Subsidy will be provided by government for the industries
And Anudan will be given for Sewa Chetra.
- Google renames Nexus Lineup to Pixel
- Pilgrimage Scheme in Jharkhand
- Reliance Jio 4G Student 25% Discount Scheme
- PM Awas Scheme Details