Yuva Udyamita Protsahan Yojna- Rajasthan Financial Corporation, Udyog Bhawan Jaipur
The Yuva Udyamita ProtsahanYojana (YPUY) was started by the state government of Rajasthan with the aim of promoting young entrepreneurs. The scheme mentioned that the state government will provide collateral free loan (interest rates below market rate) to the enterprising youth below 35 years of age with bright ideas.
Around 45,947 candidates were registered under the scheme. Of them, 13,600 submitted their business plans. As per official records, of the 1,039 meritorious candidates shortlisted by the special committee, as many as 109 candidates belong to other places like Kerala, Uttar Pradesh, Maharashtra, Haryana, New Delhi, Pondicherry, Madhya Pradesh, West Bengal, Jharkhand and Gujarat.
The scheme brochure in the website (which is now removed from their official website) claimed that it will provide financial assistance to ITI/graduates with innovative ideas but lack financial resources. Noble cause indeed! But, I guess they had different plans altogether. They only wanted to bag votes from the youth.
Features of Yuva Udyamita Protsahan Yojana (YPUY) (I could not stop laughing on their Fake Promises)
- Up to 90% of the project cost can be covered by government assistance
- The limit for the loan has been capped at Rs 90 lakh
- All projects will be based in Rajasthan
- RIICO providing land for the units. (This was one of best Game played with all the selected candidates)
How was the Movie executed? (Called Nataunki in Desi Language)
Selected applicants went through a two-stage screening process. Experts from reputed educational institutions (Professor and students from IIM), industry professionals and members of other state financial corporations evaluated the business plans of the applicants. RFC spent huge amount in screening the applicants. They also distributed Rs 5000 to 4000 Applications and 10000 to 1039 applications.
Under the scheme, the government could not offer land for setting up units in most of the places and where it had land, fixed a ceiling of 500 sq metres. Moreover, RIICO also decided that if any applicant wants allotment of land in a saturated industrial area, it will be made on highest auction rate received for industrial plot by adding 6% interest per annum from the date of receiving the highest auction rate till the date of allotment.
Majority of the young entrepreneurs out of 1039 agreed on the 500 sq metre plan but RFC and RICCO seemed to back off. They seem uncertain to give the promised land to these participants.
This act baffled applicants and they are re seen questioning the very basic objective of this scheme. I mean, why would we pay a high amount for setting up the unit if we had that much amount of money?
This is not it. The applicants are also facing problem relating to the finance of working capital. RFC has now denied to finance working capital says that it will finance only assets. But at the scheme mentioned, “All types of projects shall be eligible under the scheme for loans between Rs. 25 lakh to Rs. 90 lakh, as promoter contribution has to be at least 10% of project cost, maximum loan can be Rs. 90 lakh.” They have asked us to approach other banks for the working capital which will be again on higher interest rate and against collateral security. It was not mentioned in the policy and they are playing safe now. I mean what the heck is this? During the training session, it was assured that RFC will arrange Working capital through Punjab National Bank which now seems all Greek to them.
RFC has taken an agreement signed from us in form of feedback forms wherein it was mentioned that they will get it covered under CGTSME which is itself a security. Why the hell are they asking for security now?
Are they still sane and sober? Do they actually know their plans? Are they out of their minds? I mean, how on earth is any business possible without working capital???
I see no point in publishing this article as nothing can be done against them. Hats off to the aspirants who applied for yojna and wasted their time! If we do not take stand against the ‘Feku politician’ today, we the people of Rajasthan will continuously get affected by such miscreants.
Here is a piece of mind Mr. Ashok Gehlot Ji: Poverty can decrease only by creating more employment and not by distributing few chunks of money… But I guess this is beyond your understanding.
PS: I don’t belong to any party nor did I receive any amount to write this post. What is written is just the truth behind the game played by Ashok Gehlot Ji and party. How his talented IAS team sheered the dreams of 1039 candidates!
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