SVAYEM

Swami Vivekananda Assam Youth Empowerment (SVAYEM) Scheme is a flagship program by Govt. of Assam to provide financial support to the youths of Assam to take up income-generating activities in the manufacturing, trading, and service sector. This program was launched in the year 2017.

Detailed

Earlier, this scheme was initiated and managed by the department. of Industries & Commerce, Assam; but this year (2020), the scheme will be implemented by the State Finance Department, Government. of Assam with the help of other nodal agencies. The initial terms and conditions of this scheme were different, but this year the entire scheme has been rejuvenated to meet the current situation and needs of society.

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Objectives

• To generate employment opportunities in rural as well as urban areas through setting up of new ventures as well as growing existing ventures.
• To provide financial assistance to micro and small business entities engaged in the manufacturing, trading, and services sector.
• To provide financial assistance for the enhancement of the income level of traditional artisans ensuring sustainable growth.

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Area of implementation

• All districts of Assam including the autonomous district council

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Nature of activities

• Manufacturing.
• Processing.
• Service Sector.
• Trading.
• Rural Transport Service (Auto Rickshaw, e-Rickshaw).
• Tourism.
• Shops, repair Centres, Handicrafts, Cottage Industries etc.

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Institutional and implementing arrangement

• Industries and Commerce Department will be the nodal department and District Industries and Commerce Centre (DICC) will implement the scheme in the field.
• All public sector, private sector and Regional Rural Banks will be the lending agency and shall execute a formal MOU for the implementation modalities of the scheme.

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Interest rate and repayment schedule

• Interest rates are to be charged by the bank as per RBI guidelines for MSE units.
• Repayment schedule may range between 3 to 7 years after an initial moratorium as may be prescribed by the bank/Financial Institution concerned.

Eligibility

• Residents of Assam above 18 years of age.
• There will be no income ceiling for getting assistance under this scheme.
• The individual beneficiary should have skills, experiences, knowledge, etc., to undertake the income-generating activities.
• The beneficiary should possess an educational qualification of at least Class VII standard.
• The beneficiary who has already completed Skill Development Training will be given preference.
• The beneficiary must not be the defaulter of any loan. If the information submitted by the beneficiary is found to be incorrect later, action would be taken against the beneficiary including cancellation of the loan, recovery of the amount as Bakijai and also blacklisting for future benefit under any Govt. Scheme.
• PMEGP beneficiaries of the last 5 years will not be eligible under the scheme.