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Union Agriculture Ministry launches NCDC’s 'Yuva Sahakar Scheme' to promote young entrepreneurs

Union Minister of Agriculture and Farmers’ Welfare, Radha Mohan Singh on November 14, 2018 launched the ‘Yuva Sahakar-Cooperative Enterprise Support and Innovation Scheme’ of the National Cooperative Development Corporation (NCDC).

The NCDC has come up with this youth-friendly scheme for attracting youth to cooperative business ventures. It has created a dedicated fund with liberal features enabling youth to avail the scheme.

Yuva Sahakar-Cooperative Enterprise Support and Innovation Scheme

  • The scheme will be linked to Rs 1000 crore ‘Cooperative Start-up and Innovation Fund (CSIF)’ created by the NCDC.
  • It would have more incentives for cooperatives of North Eastern region, Aspirational Districts and cooperatives with women or SC or ST or PwD members.
  • The funding for the project will be up to 80 percent of the project cost for these special categories against 70 percent for others.
  • The scheme envisages 2 percent less than the applicable rate of interest on term loan for the project cost up to Rs 3 crore including 2 years moratorium on payment of principal.
  • All types of cooperatives in operation for at least one year are eligible to avail of the scheme.
  • It would encourage cooperatives to venture into new and innovative areas.
  • The scheme is expected to meet the needs of youth.

National Cooperative Development Corporation

The NCDC has the unique distinction of being the sole statutory organisation functioning as an apex financial and developmental institution exclusively devoted to cooperative sector.

It supports cooperatives in diverse fields apart from agriculture and allied sectors.

It is an ISO 9001:2015 compliant organisation and has a distinctive edge of competitive financing.

It has extended financial assistance of Rs 63702.61 crore during 2014-2018 (as on November 13, 2018), which is 220 percent more than Rs 19850.6 during 2010-14.

Being the most preferred financial institution in the world of cooperatives, it has also initiated Sahakar 22, a Mission for Doubling Farmers’ Income by 2022.

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