In a significant move towards promoting self-employment and entrepreneurship among the youth, the Himachal Pradesh state government has unveiled the “Rajiv Gandhi Swarozgaar Yojana-2023” (RGSY-2023). The scheme focuses on accelerating the growth of Green Field Projects (New Projects) while fostering a sustainable industrial ecosystem. With an allocated corpus fund of Rs. 10 crore, the RGSY-2023 aims to empower local youth and fuel economic development in the state.
Under the RGSY-2023, eligible individuals between the ages of 18 and 45 can avail themselves of incentives, concessions, and facilities to establish new industrial enterprises within Himachal Pradesh. The scheme offers a term or composite loan from banks, covering 90% of the project cost, while the beneficiary contributes the remaining 10%. Notably, women applicants benefit from a relaxation of 5 years in the upper age limit, encouraging female entrepreneurship.
One of the scheme’s key components is the investment subsidy, providing eligible applicants with a subsidy of 25% of their investment, up to a maximum ceiling of Rs. 60 lakh for plant and machinery or equipment. The total project cost, including working capital, should not exceed Rs. one crore. Furthermore, the subsidy limit is increased to 30% for Scheduled Castes and Scheduled Tribes, and 35% for women-led enterprises and Divyangjan beneficiaries. Additionally, for the purchase of e-taxi/e-trucks/e-buses/e-tempo travellers, the investment subsidy is set at an impressive 50% for all eligible categories. It is important to note that the components eligible for subsidy vary between the manufacturing and service sectors.
To ensure a smooth implementation of the scheme, the state government has set aside a corpus fund of Rs. 10 crore from the state budget. Financial assistance is limited to one person per family, including the applicant, spouse, and minor children. Aspiring entrepreneurs must submit a common application form through the RGSY Portal available on the Departmental website to be eligible for the scheme. The scheme requires enterprises to commence commercial production within two years of receiving the first installment of the bank loan.
To apply for a grant or adjustment of Capital Subsidy, applicants must complete an online application form and upload documents such as the Bonafide Himachali certificate, Aadhar card, age proof, and a preliminary project report.
The implementation of the Rajiv Gandhi Swarozgaar Yojana-2023 is expected to pave the way for a thriving ecosystem of self-employment and entrepreneurship in Himachal Pradesh. The scheme not only provides financial support but also encourages the establishment of sustainable industrial enterprises within the state. By promoting self-employment and local entrepreneurship, the government aims to generate job opportunities for the youth, drive economic growth, and contribute to the overall development of Himachal Pradesh.
Chief Minister Sukhvinder Singh Sukhu expressed his optimism, stating, “RGSY-2023 is not just a financial assistance program; it is 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. Together, we can build a brighter and greener future for Himachal Pradesh through the power of self-employment and entrepreneurship.
