Context: Recently the Minister of Cooperation, in the Lok Sabha stated about Yuva Sahakar – Cooperative Enterprise Support and Innovation Scheme and its Major Initiatives.
More On News:
- Loan Disbursements and Sanctions:
- A total of Rs. 230.61 lakh has been sanctioned, with Rs. 89.88 lakh disbursed as of November 30, 2024.
- NCDC sanctioned Rs. 4734.97 lakh for cooperatives, benefiting 18,915 members, with Rs. 294.44 lakh disbursed.
About Scheme:
- The Yuva Sahakar – Cooperative Enterprise Support and Innovation Scheme, implemented by the National Cooperative Development Corporation (NCDC) under the Ministry of Cooperation, encourages young entrepreneurs to form cooperative societies with innovative ideas.
- The scheme offers long-term loans (up to 5 years) with a 2% interest subsidy on the applicable rate for approved projects. Additionally, it allows the dovetailing of loans with subsidies from other government schemes.
- Eligibility:
- All cooperatives operational for at least one year.
- Special focus on cooperatives in the North Eastern region, Aspirational Districts, and those with women, SC, ST, or PwD members.
- Benefits:
- Up to 80% funding for special categories (North East, Aspirational Districts, women, SC/ST/PwD cooperatives).
- 70% funding for other cooperatives.
- 2% lower interest rate on loans for projects up to Rs 3 crore.
- 2-year moratorium on principal repayment.
- Performance:
- NCDC extended financial assistance of Rs 63,702.61 crore during 2014-2018, marking a 220% increase from the previous term (2010-2014).
National Cooperative Development Corporation (NCDC):
- Established: 1963 by the Government of India under an Act of Parliament.
- Purpose: To plan and promote programs for the production, processing, marketing, storage, export/import of agricultural produce, foodstuffs, industrial goods, livestock, and other commodities on cooperative principles.
- Financial Assistance: Provides financial support to cooperatives at primary, district, and apex/multi-state levels.
- Ministry Control: Operates under the Ministry of Agriculture and Farmers Welfare.
- Growth:
- Began with a disbursement of Rs. 2.36 crore in 1963.
- Disbursed Rs. 28,272.50 crore in 2018-19.
- Cumulative disbursement as of March 31, 2019, was Rs. 1,24,890.81 crore, with 63% of this amount released in the last five years.
- Operational Network: Has 18 regional offices and a Head Office in New Delhi.