Khandu launches soft loan scheme to empower ITI graduates towards self-reliance

Itanagar, Nov 7 (PTI) Arunachal Pradesh Chief Minister Pema Khandu on Friday announced the launch of a soft loan scheme for ITI pass-outs, aimed at enabling technically skilled youth to establish their own entrepreneurial ventures and move confidently towards self-reliance.

The Chief Minister Soft Loan Scheme (CMSLS), to be implemented by the skill development and entrepreneurship department, is open to candidates who have passed out from Industrial Training Institutes (ITIs) within the last three years, beginning from 2022, Khandu said in a social media post.

The scheme seeks to provide financial assistance to help them set up independent businesses in their respective trades, he said.

Under the CMSLS, eligible ITI graduates can avail of financial support through two tranches of soft loans. The first tranche will provide up to Rs 1 lakh, while the second one offers up to Rs 2 lakh.

In addition, beneficiaries will receive a toolkit incentive of Rs 15,000.

To further ease the repayment burden, the scheme includes a 25 per cent loan subsidy and a 7 per cent interest subsidy.

“When we invest in skills, entrepreneurship, and in our youth, we invest in the future of this land,” Khandu said.

The focus of the government is to transform skilled youths into job creators rather than job seekers, and the scheme is a step towards achieving the vision of an 'Atmanirbhar Arunachal', the CM said.

The chief minister said the initiative is not only about offering loans but also about empowering the youth to take charge of their futures by converting their technical skills into viable and sustainable businesses.

He said the government aims to strengthen the entrepreneurship ecosystem in the state and help young people contribute meaningfully to the local economy.

Applications for the scheme can be downloaded from the state’s official skill development portal, the chief minister said, adding that applicants are required to submit their completed forms and supporting documents to the principals of their respective ITIs before December 31 next.

Officials from the department said the scheme is designed to nurture small-scale entrepreneurship in sectors such as electrical works, welding, carpentry, automobile repair, tailoring, and other trades where ITI graduates already have hands-on experience.

They added that the initiative will complement other ongoing programmes like the Pradhan Mantri Kaushal Vikas Yojana and start-up India Mission, thereby strengthening the overall skill development framework in the state. PTI UPL NN