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Updated February 13th, 2024 at 07:47 IST

Odisha to Distribute Rs 1,000 to Ration Card Holders, Provide Interest-Free Loans to Youth

Ahead of the Lok Sabha elections, the Odisha government announced the intiative to provide interest-free loans up to ₹1 lakh to 2 lakh youths of the state.

Reported by: Ronit Singh
ODISHA CM NAVEEN PATNAIK.
ODISHA CM NAVEEN PATNAIK. | Image:PTI
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Bhubaneswar: Ahead of the Lok Sabha elections, the Odisha government on Monday announced the intiative to distribute Rs 1000 one-time assistance to all ration card holders and provide interest-free loans up to 1 lakh to 2 lakh youths of the state.

The state cabinet led by Chief Minister Naveen Patnaik approved a total of 26 proposals including the distribution of 1,000 livelihood assistance to 95.90 lakh PDS beneficiary families, state Food Supplies and Consumer Welfare Minister Atanu Sabyasachi Nayak told reporters after the cabinet meeting.

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The minister said that the public distribution system (PDS) beneficiary families face hardship in fetching different items for consumption due to the rise in market prices, which is why the one-time assistance would be provided.

Similarly, for providing one-time livelihood assistance of 1,000 per family, the minister said another 959.05 crore will be required. A total of 1,237.74 crore will be borne out of the state budget.

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Swayam Scheme: Interest-Free Loans for Youth  

He said under the new government scheme 'Swayam' to create self-employment for youth, 1 lakh eligible rural and an equal number of urban youths in the age group of 18-35 years will receive interest-free loans of up to 1 lakh for starting a new business or expanding an existing one.

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The scheme will be operational for two years and 672 crore will be spent from the state's coffers.

There will be no collateral or processing fee for this loan and the repayment period will be four years, which includes a moratorium period varying from 3 to 6 months as prescribed by the financial institution concerned, he said.

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(With agency inputs…)

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Published February 13th, 2024 at 07:43 IST

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