CM Mahafund scheme to help 25,000 Vidarbha youth start businesses
Maharashtra's CM Mahafund scheme enters its pilot phase, with Nagpur and Gadchiroli among the priority districts in Vidarbha
Young people in Vidarbha looking for jobs now have a chance to become their own bosses. The Mahayuti government's CM Mahafund scheme is set to roll out on the ground. The skill development, employment, entrepreneurship and innovation department has accelerated the administrative process to implement the scheme, and work has already begun.
In the first pilot phase of the project, only 12 districts across the state have been included. Four districts of Vidarbha have been given priority, including Nagpur and Gadchiroli. In this first phase, youth, women and new startups in Vidarbha will start receiving financial assistance of 5 lakh to 10 lakh rupees, along with mentorship and handholding for bank loans.
This is a four-year mega project under which ITIs, polytechnics and agricultural institutions will be turned into startup hubs. Its aim is to turn everyone from rural women to high-tech innovators directly into business leaders. Under the scheme, youth from villages and cities, women's self-help groups and tech startups will be trained, with a target of creating 25,000 new business owners in all.
The main objective of the Chief Minister's Mahafund scheme is to build a strong ecosystem for self-employment, startups and innovation in the state. Under it, new entrepreneurs and innovators will be identified, and youth, rural women, self-help groups, artisans and new startup innovators across the state will be scouted. Applicants will undergo transparent, digital screening through ITIs, polytechnic colleges, engineering and agricultural colleges, along with business training and preparation of detailed project reports.
Selected youth will receive business and technical training. Their business ideas will be converted into bankable and practical business models. Financial assistance and bank loan facilities will be provided, and new entrepreneurs will be connected to bank loans, government schemes and credit support.
The process for financial assistance and funding of 5 lakh to 10 lakh rupees for self-employment will be simplified. Startups and new businesspeople will get guidance from experts in their fields, along with help with technical testing, business upgradation and incubation centres. Businesses will be stabilised through market linkages, and market access will be provided to take finished products and services to local, national and international markets. Even after the initial phase, continuous guidance and compliance support will be provided to keep businesses running properly.
To make the scheme effective on the ground, government ITIs, polytechnics, engineering colleges, agricultural institutions and incubation centres in Nagpur and Vidarbha will be directly linked to this network. These institutions will be used to screen, guide and assist applicants at the local level.
The Chief Minister's Mahafund scheme has been divided into two separate categories so that each group can get help suited to its needs. Under Category A, rural youth, women, self-help groups, artisans and first-time small business starters will get training, mentorship and financial assistance. Under Category B, youth working on new ideas, tech startups and technical innovation will get incubation, funding and market linkage.
