NCDC’s new scheme to promote young entrepreneurs in cooperatives launches by Union Agriculture Minister.
Himalai IAS Coaching Centre in Bangalore aim is to update the current affairs about NCDC’s new scheme, it helps the students for civil services exam preparations like IAS exam, KAS exam etc.
CSIF fund Rs 1000 crore has been created and for cooperatives of North Eastern region has special incentives, cooperatives and Aspirational Districts with women/SC/ST/PWD members.,
The National Cooperative Development Corporation (NCDC) to cater to the needs and aspirations of the youth and has come up with a youth-friendly scheme Yuva Sahakar-Cooperative Enterprise Support and Innovation Scheme for attracting them to cooperative business ventures.
NCDC has created a dedicated fund to avail the scheme with liberal features. Shri Radha Mohan Singh said at the launch of the scheme of Union Minister of Agriculture and Farmers’ Welfare.
NCDC created the scheme be linked to Rs 1000 crore Cooperative Start-up and Innovation Fund (CSIF). The cooperatives of North Eastern region have more incentives, Aspirational Districts, and cooperatives with women or ST or SC or PwD members.
The funding for the project will be up to 80% for special categories as against 70% for others. The project cost up to Rs 3 crore including 2 years moratorium on payment of principal and the scheme envisages 2% less than the applicable rate of interest on a term loan. At least one year are eligible for all types of cooperatives in operation.
The Minister stated that the NCDC had an excellent track record on its remarkable performance since 2014 and provide the required hand-holding to make the scheme success.
The Central Government has been encouraging Start-Ups business, non-conventional opportunities are emerging and are being encouraged. The conducive environment is being leveraged by corporate sectors and private ‘Hub Start-ups’ are being promoted. The newly launched scheme encourage cooperatives to innovative areas and new venture.
The Minister added NCDC, being the most preferred financial institution in the world of cooperatives and has embarked on Sahakar 22, a Mission for Doubling Farmers’ Income by 2022. He explained the scheme is to meet the needs of the today’s youth.
The NCDC has the unique distinction of being the sole statutory organization functioning as a developmental institution exclusively devoted to a cooperative sector and apex financial. It supports allied sectors and cooperatives in diverse fields apart from agriculture. It has a distinctive edge of competitive financing and ISO 9001: 2015 compliant organization. It has extended financial assistance Rs 19850.6 during 2010-14 and of Rs 63702.61 crore during 2014-2018 220% more than 2010-14.
NCDC MD Shri Sundeep Kumar Nayak and Union Agriculture Secretary Mr Sanjay Agarwal were also present at the launch.