HP govt launches self-employment, entrepreneurship scheme for youth

With the scheme, the state hopes to boost self-employment, local entrepreneurship and economic growth

Himachal Pradesh government has introduced “Rajiv Gandhi Swarozgaar Yojana-2023” (RGSY-2023), a scheme aimed at promoting self-employment and entrepreneurship among youth. The incentives of this scheme lay special focus on the Green Field Projects (New Projects).

For the purchase of electric taxis, trucks, buses and tempo travellers, all eligible candidates can get a capital subsidy of 50%. (HT File Photo)

With the scheme, the state hopes to boost self-employment, local entrepreneurship and economic growth.

As per officials, the scheme offers incentives, concessions and facilities to eligible youth, aged between 18 and 45, and helps them establish industrial enterprises as the banks will provide 90% of the project cost as a term or composite loan and 10% is to be contributed by the beneficiary. Women applicants receive a relaxation of five years in the upper age limit.

Under the investment subsidy component of the scheme, eligible applicants can get a subsidy of 25% of the investment, up to a maximum investment ceiling of ₹60 lakh. The total project cost, including working capital, should not exceed one crore rupees. While the investment subsidy limit is set at 30% for scheduled castes and scheduled tribes, women-led enterprises and differently-abled individuals will get a 35% benefit.

For the purchase of electric taxis, trucks, buses and tempo travellers, all eligible candidates can get a capital subsidy of 50%. To facilitate the seamless implementation of the scheme, a corpus fund of ₹10 crore has been allocated from the state budget. Financial assistance is limited to one person per family.

“RGSY-2023 is not just a financial assistance programme, it is a catalyst for the overall development and prosperity of Himachal Pradesh, empowering individuals to shape their own success stories and contribute to the state’s progress. Together, we can build a brighter and greener future for the state through the power of self-employment and entrepreneurship”, said chief minister Sukhvinder Singh Sukhu.