VIJAYAWADA: They have stopped waiting endlessly for a job to come their way and are instead, eager to set up their own unit, thanks to the Rajiv Yuva Shakti (RYS) scheme. The scheme envisages selection of 4,700 youth as beneficiaries in Krishna district. Those identified under the scheme would be extended financial assistance in the form of subsidised loans to set up self-employment units.

The district has been sanctioned funds to the tune of Rs. 32 crores for implementation of the scheme. It has decided to extend individual loans up to Rs. 50,000 to at least 1,700 youth and Rs. 1 lakh to 500 unemployed. A maximum amount of Rs.3 lakh will be distributed to 500 self-help groups consisting of five members each.

12,000 applications

The Government will allocate 30 per cent of the total project cost in the form of subsidy, the beneficiary will have to pay 10 per cent, while the remaining amount would be released by the bank.

The Youth Welfare Department has received over 12,000 applications from across the district seeking financial assistance. Of these, 9,780 applications have been short-listed based on the qualification and age group of the applicants.

Educated youth and those who have crossed 30 years of age are being given priority in the selection of beneficiaries. "A three -member committee consisting of the Mandal Development Officer, banker and field officer concerned from the Youth Services Department will select the beneficiaries sometime next week and release of loan and subsidy amounts will follow," said S.V.D.S. Ramakrishna, district youth welfare officer.

No guarantee

"For a loan amount up to Rs. 50,000, there is no need to furnish any guarantee. The guarantor will have to be introduced to the bank by those seeking assistance of above Rs. 50,000," he explained.

Candidates who succeed in convincing the committee members on repayment of the loan amount would be considered for the benefit. "Success of the scheme depends on the recovery rate.

This is the first time such a big amount is being released for the implementation of a scheme and we are all determined to make it a success," he said.

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