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The Swatantra Yuva Udyami Scheme (SWAYAM), launched by the Government of Odisha on February 12, 2024, stands as a testament to the state's commitment to empowering its youth. This flagship program provides crucial support to aspiring entrepreneurs, fostering self-reliance and driving economic growth. SWAYAM offers interest-free loans, enabling young individuals to establish or expand small businesses in sectors like service, manufacturing, and petty trade, catering to local demands.
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The SWAYAM (Swatantra Yuva Udyami) scheme is a transformative initiative by the Odisha government designed to fuel the entrepreneurial spirit of its youth. By providing interest-free loans, SWAYAM removes a significant financial barrier, allowing young individuals to pursue their business dreams without the burden of interest payments. The scheme focuses on supporting ventures in service, manufacturing, and petty trade, recognizing the diverse skills and aspirations of Odisha's youth. These businesses must demonstrate a clear local demand, ensuring sustainable growth and contribution to the community. SWAYAM aims to not only create individual success stories but also to stimulate the overall economic landscape of Odisha.
The SWAYAM scheme is underpinned by several key objectives:
Youth Empowerment: At its core, SWAYAM seeks to empower the youth of Odisha by providing them with the financial means to become self-reliant and independent.
Entrepreneurship Promotion: The scheme actively encourages young people to embrace entrepreneurship, fostering a culture of innovation and self-employment.
Employment Generation: By supporting the creation of new businesses, SWAYAM contributes to increased employment opportunities within the state, addressing the challenge of youth unemployment.
Economic Growth: The scheme's focus on supporting small businesses stimulates local economies, contributing to the overall financial growth and development of Odisha.
Financial Inclusion: SWAYAM aims to provide access to financial resources for young people who may otherwise be excluded from traditional lending avenues.
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To ensure that the benefits of SWAYAM reach the intended beneficiaries, the Odisha government has established clear eligibility criteria:
Residency: The applicant must be a citizen of Odisha.
Age: The applicant must be between 18 and 35 years of age. For applicants belonging to the Scheduled Castes (SC), Scheduled Tribes (ST), or Persons with Disabilities (PwD) categories, the age limit is relaxed to 18 to 40 years.
Family Income: The applicant's family must be covered under the Krushak Assistance for Livelihood and Income Augmentation (KALIA) or Biju Swasthya Kalyan Yojana (BSKY) scheme. Alternatively, if residing in urban areas, the family's annual income must be less than Rs. 3 lakh, and if residing in rural areas, the annual income must be less than Rs. 2 lakh.
UDYAM Registration: The applicant must have obtained a UDYAM registration or UDYAM-assisted registration number, demonstrating their commitment to formalizing their business venture.
The following individuals are not eligible for the SWAYAM scheme:
Government Employees: Applicants or their family members who are employees of the state government, central government, statutory bodies, or Public Sector Undertakings (PSUs) are not eligible.
Loan Defaulters: Individuals who are defaulters with any bank or financial institution or have outstanding business loans from any central or state government scheme are ineligible.
Existing Beneficiaries: If any family member of the applicant has already benefited from the SWAYAM scheme, the applicant is not eligible.
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The application process for the SWAYAM scheme is designed to be user-friendly and accessible:
The first step is to visit the official website of the SWAYAM scheme.
Click on the ‘Registration’ option and choose either ‘Urban’ or ‘Rural’ based on your location.
Complete the registration form with the required information and submit it.
After successful registration, click on the ‘Login’ option on the SWAYAM scheme website and select ‘Applicant.’
Enter your Aadhaar or mobile number and click on ‘Login.’
Fill out the SWAYAM scheme application form with accurate details and click ‘Submit.’
Upload scanned copies of the required documents and click ‘Submit’ to finalize the application process.
Applicants must submit the following documents along with their application:
Passport-size Photograph: A recent passport-size photograph of the applicant.
Age Proof: Aadhaar card, Voter ID, PAN card, birth certificate, or 10th board certificate.
Residence Proof: Aadhaar card, resident certificate issued by the Tehsildar, Voter ID, driving license, electricity bill, or ration card.
Income Proof: Annual income certificate or Biju Swasthya Kalyan Yojana card or KALIA Yojana card.
UDYAM Registration: UDYAM registration certificate or UDYAM-assisted registration number.
Caste/Disability Certificate (if applicable): Caste certificate for SC/ST applicants or disability certificate for PwD applicants.
The SWAYAM scheme, one of the key Odisha government schemes, provides numerous benefits to the youth of the state:
Interest-Free Loans: Eligible youth can access interest-free loans for project costs up to Rs. 1 lakh.
Margin Money: Applicants are required to contribute only 5% of the project cost as margin money. For a project cost of Rs. 1 lakh, the loan amount would be Rs. 95,000.
Repayment Period: The loan repayment period is 4 years, including a moratorium period of 3 to 6 months, as determined by the respective bank or financial institution.
Financial Stability: SWAYAM empowers young people to achieve financial stability by enabling them to establish and grow their businesses.
Employment Opportunities: The scheme contributes to increased employment opportunities within the state, benefiting both the entrepreneurs and their communities.
Economic Growth: By supporting small businesses, SWAYAM stimulates local economies and contributes to the overall economic growth of Odisha.
Accessibility: The scheme is accessible to youth from both urban and rural areas of the state, ensuring inclusivity.
Support for Weaker Sections: SWAYAM provides crucial support to individuals from weaker sections of society, enabling them to become financially independent and contribute to the state's progress.
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The SWAYAM scheme stands as a powerful initiative by the Odisha government, demonstrating its commitment to investing in the future of its youth. By providing interest-free loans and comprehensive support, Swatantra Yuva Udyami Scheme empowers young individuals to transform their entrepreneurial dreams into reality. This scheme not only benefits individual entrepreneurs but also contributes significantly to the economic growth and development of Odisha, creating a brighter future for generations to come. With its focus on financial inclusion, employment generation, and youth empowerment, SWAYAM is a vital catalyst for positive change in the state.
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
Past 10 Years' annualised returns as on 01-03-2025
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
Tax benefit is subject to changes in tax laws. Standard T&C Apply
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
**Returns are based on past 10 years’ fund performance data (Fund Data Source: Value Research).
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Become a Crorepati
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