Yuva Sahakar Enterprises Cooperation and Innovation Scheme (Yuva Sahakar-Cooperative Enterprise Support and Innovation Scheme)
Why in the discussion?
Recently, a youth friendly scheme called ‘Yuva Sahakar Vyavahar Sahayog and Innovation Scheme’ was launched by National Cooperative Development Corporation (NCDC), Ministry of Agriculture and Farmers Welfare.
- Keeping in mind the needs and ambitions of the youth, this plan has been prepared by NCDC with a view to attracting attention to cooperative business enterprises.
- NCDC has dedicated a special fund with generous facilities to fulfill this objective. The launch of the new scheme will encourage cooperatives to innovate in new and innovative sectors.
- This scheme will be linked to the ‘Cooperative Start-up and Innovation Fund’ (CSIF) of Rs. 1000 crores generated by NCDC.
- It will be involved in the youth friendly initiatives for the co-operation of the North Eastern areas, ambitious districts and women or scheduled caste and scheduled tribes and divining members.
- The funding for these special categories will be 80% of the project cost and for other, it will be 70%.
- Incentives for the projects whose cost is up to Rs. 3 crore, the rate of interest on the prevailing term loan will be reduced by 2%, as well as a moratorium of 2 years on the payment of principal.
- All types of cooperative societies operated for at least one year will be eligible to avail the benefits of the scheme.
- NCDC is the most important financial institution in the field of cooperative, which has launched Mission Cooper-22 to double the income of the farmers of the country till 2022.
National Cooperative Development Corporation (NCDC)
- National Cooperative Development Corporation was established in the year 1963 as a statutory corporation under the Ministry of Agriculture and Farmers Welfare by an Act of Parliament.
- The objective of NCDC is to create programs for production, processing, marketing, storage, export and import and related events or contingency cases for some other notified items and services produced on agricultural production, food items, industrial goods, livestock and cooperative principles. And to enhance them.
- NCDC is the only statutory body working as a top financial and development institution for cooperative sector. It provides support to cooperatives in various fields, apart from agricultural and allied sectors.
- During the year 2014-2018 (till November 13), financial assistance of Rs. 63,702.61 crores has been released by NCDC, which is 220% more than Rs. 19,850.6 crores released during 2010-2014.