The Punjab Khadi and Gram Udyog Board has decided to provide easy loans worth Rs 140 crore to the youth of Punjab to make them self-reliant under the Prime Minister’s Employment Generation Scheme.
Under this scheme, priority will be given to family members of those debt-ridden farmers who committed suicide because of escalating farm debt.
This was stated by Punjab Industries Minister Madan Mohan Mittal and chairman of the Punjab Khadi and Gram Udyog Board Harjit Singh Grewal while addressing mediapersons here today.
They said a corpus of Rs 140 crore had been created under the scheme, including a subsidy of Rs 35.06 crore by the state government. “This will be used to sanction loans to the youth so that they can start their own business in rural areas. Maximum loan of Rs 25 lakh can be given to an applicant after due diligence of his business proposal by the banks financing under this scheme and the khadi board. As there have been a number of farm suicide cases because of debt, we aim to help such families become self-reliant and these will be given preference while sanctioning the loans to set up cottage industries that manufacture goods for consumption within rural areas,” said the minister.
The minister added that the government would set up north India’s first multi-purpose skill training centre at Mohali to equip the youth with the latest technology and knowledge of entrepreneurship.
He said this state-of-the-art skill training centre on 14,500 sq yards would be established in collaboration with the Central Khadi and Gram Udyog Commission and the Punjab Khadi and Gram Udyog Board. He said this multi-specialty centre would impart training to the youth of all northern states to start their own business.
The Industries Minister said investment in the projects would be less and the earnings of the beneficiaries would be high. A subsidy of 15-35 per cent would also be given to those who seek loans. Mittal added that the state government had decided to develop 25 villages under “Smart Khadi Village Scheme” in collaboration with the Central Khadi and Gram Udyog Commission.