Launched on 1st August 2014 by the Department of Industrial Policy and Investment Promotion, Government of Madhya Pradesh, the Mukhyamantri Aarthik Kalyan Yojana is designed to provide low-cost equipment and working capital to Below Poverty Line (BPL) beneficiaries from Scheduled Caste communities. The scheme supports the establishment of new industries and businesses, thereby promoting economic empowerment among marginalized groups. The implementation is managed by the Managing Director of the MP State Cooperative Scheduled Caste Finance and Development Corporation Limited, Bhopal, in coordination with District Endeavour Cooperative Development Committees.
Benefits
- Project Cost Ceiling:
Up to ₹50,000. - Margin Money Assistance:
The government provides margin money assistance at 50% of the project cost, up to a maximum of ₹15,000. - Repayment and Moratorium:
- An initial moratorium period of 6 months is provided after starting the venture.
- Loan repayment is structured over 5 years following the moratorium.
- Financial Support:
Additional benefits include low-cost equipment and working capital tailored to the needs of the beneficiaries.
Eligibility
- Residency:
The applicant must be a native resident of Madhya Pradesh. - Caste:
The applicant must belong to the Scheduled Caste category. - Age:
Applicants should be between 18 to 55 years as of the date of application. - Economic Status:
Beneficiaries must belong to the Below Poverty Line (BPL) category. - Creditworthiness:
The applicant should not be a defaulter/insolvent defaulter of any nationalized bank, financial institution, or cooperative bank. - Exclusivity:
An individual is eligible to receive assistance under this scheme only once and must not be receiving assistance under any other government entrepreneur or self-employment scheme. - Operational Area:
The scheme applies only to enterprises established within the boundaries of Madhya Pradesh. - Sector:
The scheme is intended for industries or service business sectors.
Implementation and Financial Flow
- Nodal Agency:
The Managing Director of the MP State Cooperative Scheduled Caste Finance and Development Corporation Limited, Bhopal is the nodal agency, with implementation support from the Chief Executive Officer/Executive Officer of the scheme through District Endeavour Cooperative Development Committees. - Funding:
Financial provisions are made by the Scheduled Caste Welfare Department through its departmental budget, and targets are set by the District-wise Managing Director. - Loan Disbursement:
After the loan is disbursed and the unit is established, margin money assistance and interest subsidy are claimed by the bank branch on the project cost from the District Antyavasayi Sahakari Vikas Samiti Limited.
Application Process
Online
Sign-Up Process:
- Visit the Official Website:
Navigate to the official website dedicated to the scheme. - Select Scheme:
Click on “Apply for the Mukhyamantri Aarthik Kalyan Yojana” on the home page. - Department Selection:
Choose the relevant department’s scheme from the list that appears. - Registration:
Click on the “sign up” option and fill in all mandatory details, then click on “Sign up now.”
Login Process:
- Access Portal:
On the home page, click on the “Mukhyamantri Aarthik Kalyan Yojana” link. - Department Scheme Selection:
Select the concerned department’s scheme. - Log In:
A login page will appear. Enter your credentials and click “Submit.” - Complete Application:
Fill out the complete application form with accurate details and submit it after thorough verification.
Documents Required
- Voter ID / Driving License / Aadhaar Certificate (any one)
- Ration Card
- Permanent Residence Certificate
- Date of Birth Certificate
- Disability Certificate issued by the competent authority (if applicable)
- Scheduled Caste Certificate
- Bank Account Details
Frequently Asked Questions
- What is the objective of the scheme?
To provide low-cost equipment and working capital to BPL beneficiaries from Scheduled Castes for establishing new industries or businesses. - Which department has launched this scheme?
The scheme is launched by the Department of Industrial Policy and Investment Promotion, Government of Madhya Pradesh. - When was this scheme launched?
The scheme was launched on 1st August 2014. - Who is eligible to get the benefits of the scheme?
Native residents of Madhya Pradesh who are from Scheduled Caste communities and belong to BPL families, aged between 18 and 55. - Is this scheme only for residents of Madhya Pradesh?
Yes, only native residents of Madhya Pradesh are eligible. - What is the benefit of the scheme?
It provides financial assistance in the form of loans with margin money assistance for establishing new industries or businesses. - What is the maximum cost of the project under this scheme?
The maximum project cost covered under the scheme is ₹50,000. - What should be the minimum period of the initial moratorium?
The initial moratorium period is 6 months. - How many times can an applicant avail of the benefits of the scheme?
An applicant is eligible for assistance only once. - What is the age criterion under the scheme?
Applicants must be between 18 and 55 years old. - Who are excluded under the scheme?
Applicants who are defaulters or receiving assistance under other government entrepreneur or self-employment schemes are not eligible. - How can an applicant apply under the scheme?
Applications are submitted online via the official website after registering and signing up.