Himachal Pradesh government’s Rajiv Gandhi Swarozgaar Yojana-2023 (RGSY-2023) is not just a financial assistance program but a catalyst for the overall development and prosperity of Himachal Pradesh, empowering individuals to shape their own success stories and contribute to the state’s progress.

Stating this, Chief Minister Sukhvinder Singh Sukhu here on Sunday said: “Together, we can build a brighter and greener future for Himachal Pradesh, through the power of self-employment and entrepreneurship.”

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RGSY-2023 aims at promoting self-employment and entrepreneurship among local youth, he said, adding that to facilitate the seamless implementation of the scheme, a corpus fund of Rs 10 crore from the state budget has been allocated. Financial assistance is limited to one person per family, including self, spouse, and minor children.

The incentives offered under this scheme specifically apply to the Green Field Projects (New Projects), he said, adding that with the RGSY, Himachal envisions a future where self-employment thrives, local entrepreneurship flourishes, and the state experiences robust economic growth.

By supporting green field projects, the scheme paves the way for innovative ideas, cutting-edge technologies, and a sustainable industrial ecosystem, he added.

“This impressive feature offers incentives, concessions, and facilities to eligible youth aged 18 to 45 years, empowering them to establish new industrial enterprises within the state, wherein the banks were provided 90 percent of the project cost as term or composite loan while 10 percent is to be contributed by the beneficiary. Women applicants receive a relaxation of 5 years in the upper age limit,” he informed.

Under the investment subsidy component of the scheme, eligible applicants can receive a subsidy of 25 per cent of the investment, up to a maximum investment ceiling of Rs 60 lakh in plant and machinery or equipment.

The total project cost, including working capital, should not exceed rupees one crore.

The investment subsidy limit would be 30 percent for Scheduled Castes, and Scheduled Tribes, whereas it would be 35 per cent for women-led enterprises, and Divyangjan beneficiaries.

For the purchase of electric vehicles comprising e-taxi, e-trucks, e-buses, and e-tempo travelers, the quantum of investment subsidy is set at 50 percent for all eligible categories. The eligible components for subsidy differ between the manufacturing and service sectors.

To be eligible for the scheme, applicants must submit a common application form on the RGSY Portal, available on the Departmental website.

The scheme focuses on setting up new industrial enterprises within the state, with a requirement for enterprises to commence commercial production within two years of receiving the first installment of the loan from a bank.

With the implementation of the Rajiv Gandhi Swarozgaar Yojana-2023, the government envisions a thriving ecosystem of self-employment and entrepreneurship in Himachal Pradesh. This scheme not only provides financial support but also encourages the establishment of sustainable industrial enterprises in the state.

The RGSY scheme’s financial assistance structure emphasizes a collaborative approach, with banks providing the majority of the project cost while the beneficiary contributes margin money. Entrepreneurs are empowered with the flexibility to invest beyond the specified amount, showcasing their commitment and dedication to their ventures.

By promoting self-employment and local entrepreneurship, the government aims to create job opportunities for the youth, boost economic growth, and contribute to the overall development of Himachal Pradesh.