PUNJAB Government’s bonanza for unemployed youth of minority and backward classes

Chandigarh, August 4, 2013: The Punjab government has taken a major step forwarded in the direction of making unemployed youth belonging to minorities and backward class self reliant. State Government has enhanced the credit limit fourfold for setting up self employment units. Punjab Backward Classes Land Development & Finance Corporation (Backfinco) would finance these unemployed youth for agriculture and allied occupations, for setting up small scale industries, technical trades, for perusing professional and technical education and higher education.

Disclosing this here today an official spokesperson of the Punjab Government said that the now the financial aid for the students of minority community has been increased from Rs. 2.50 lakh to 10 lakh to pursue higher education. He said that the credit limit for the technically/professional educated unemployed youth of backward classes between the age of 18 to 35 has been increased from 5 lakh to 10 lakh to set up self employment units. He said that the financial assistance for the students of minorities perusing professional and technical education has been increased from 5 lakh to 10 lakh. He said that all those candidates having family income less Rs.81,000 per annum and resides in rural areas similarly those candidates with family income of Rs. 1,03,000 per annum and resides in urban areas would be eligible for availing the credit @ 4 % interest.

He further said that under Mahila Samridhi yojna scheme for women belonging to Backward Classes and minorities respectively, Loan up to 1 lakh at 4% interest rate would be given for setting up any employment ventre. He said that under the Hereditary or Non-technical Nature scheme for dairy farming loan limit has been enhanced from Rs. 50,000 to 3 lakh, for poultry farming, vegetable growing, bee keeping, auto rickshaw, general store, cloth/ readymade garments shop from Rs. 50,000 to 2.50 lakh and for Photo stat machine 1 lakh. He said that under technical nature scheme for agricultural implements, electronic/electrical sale & repair, photography & videography, hosiery unit and small scale industrial unit the credit limit has been increased from Rs. 50,000 to 2.50 lakh.

He said that under service sector scheme for advertising agency, air travel agency, airport services, architects services, beauty parlours, cable operators, chartered accountants, courier agency, pandal or shamiana services, rail travel agents, security agencies the credit would be given up to Rs. 1 lakh @ 6 percent.