Mukhya Mantri Udyami Yojana: Empowering Entrepreneurs in Madhya Pradesh

Grow your Business with the Support of Mukhya Mantri Udyami Yojana

The “Mukhya Mantri Udyami Yojana” is a scheme that was launched by the Department of Micro, Small & Medium Enterprises, Government of Madhya Pradesh on 1st August 2014. This scheme aims to provide financial assistance in the form of loans to the citizens of Madhya Pradesh who aspire to establish their industries. The scheme aims to foster entrepreneurship, stimulate economic growth, and create employment opportunities in the state.

Benefits of Mukhya Mantri Udyami Yojana:

Under the Mukhya Mantri Udyami Yojana, eligible individuals can avail of the following benefits:

1. Financial Assistance: The scheme offers margin money assistance which is a certain percentage of the capital cost of the project. For the general category, the assistance is 15% of the capital cost (maximum Rs. 12,00,000), while for Below Poverty Line (BPL) individuals, it is 20% (maximum Rs. 18,00,000).
2. Interest Subsidy: The scheme provides an interest subsidy at the rate of 5% per annum on the capital cost of the project. For women entrepreneurs, the subsidy is slightly higher at 6% per annum. This subsidy is applicable for a maximum period of 7 years, with a maximum subsidy amount of Rs. 5,00,000 lakh per year.
3. Guarantee Fee: The guarantee fee, which is required for availing loans, will be paid at the prevailing rate for a duration of up to 7 years.

Mukhya Mantri Udyami Yojana Eligibility Criteria:

To avail of the benefits of the Mukhya Mantri Udyami Yojana, applicants must fulfill the following eligibility criteria:

1. Permanent Resident: The applicant should be a permanent resident of Madhya Pradesh.
2. Educational Qualification: The applicant should have passed Class 10th.
3. Age Limit: The applicant’s age should be between 18 to 40 years.
4. One-time Benefit: The scheme can only be availed once by an individual.

Who are not Eligible for Mukhya Mantri Udyami Yojana:

While the Mukhya Mantri Udyami Yojana aims to provide support to aspiring entrepreneurs, there are certain exclusions to be noted:

1. Other Schemes: If the applicant is already receiving assistance under any other self-employment scheme, they cannot avail the benefits of this particular scheme.
2. Income Taxpayers: The applicant’s family should not be an income taxpayer.
3. Banking Defaulters: The applicant should not be a defaulter of any bank.

Mukhya Mantri Udyami Yojana Online Application Process:

1. Visit the official website and click on the application link for the Mukhya Mantri Yuva Udyami Yojana.
2. Choose the department you are interested in from the options displayed.
3. If you are a new applicant, register by submitting your name, mobile number, password, and captcha code.
4. Once you submit, you will be registered on the portal.
5. Log in using your details and apply for the scheme.

Mukhya Mantri Udyami Yojana Offline Application Process:

1. Complete the application form available on the mpmsme.gov.in online portal.
2. Attach all the required supporting documents as specified in the form.
3. Apply for the District Trade and Industry Center.
4. All applications received will be registered.
5. Within 15 days, you will be informed about the status of your application.
6. Prepare a General Project Report (GPR) for the proposed activity and include it with the application.

Documents Required for Apply Mukhya Mantri Udyami Yojana:

• A Detailed Project Report
• Madhya Pradesh Native Certificate
• Educational Qualification Certificate
• Birth Certificate
• If the land/building is on rent then the rent name
• Quotations of current rates for machinery/equipment/equipment

Conclusion:

The Mukhya Mantri Udyami Yojana is a commendable initiative taken by the Madhya Pradesh government to promote entrepreneurship and empower individuals to become self-reliant. By providing financial assistance and interest subsidies, the scheme encourages aspiring entrepreneurs to set up their industries, contributing to the overall economic growth of the state.

It is a step towards creating a conducive environment for business development, fostering innovation, and generating employment opportunities. Through this scheme, the government aims to uplift the socio-economic status of the citizens of Madhya Pradesh and create a thriving entrepreneurial ecosystem in the state.