Madhya Pradesh is the second-largest state in India, and it is known for a number of factors, but it stands out prominently for its rich culture and history. Opportunities to start a business in Madhya Pradesh is massive, with the state’s GDP on the upward curve. There are many industries and sectors that are top contributors to the state and national GDP. Most importantly, both the state and the central government are working to provide special schemes and benefits for small businesses and startups.
Let us take a look at exclusive policies and schemes launched by the Government of Madhya Pradesh over the years, to assist women of the state to start their entrepreneurial journey.
> Madhya Pradesh Self Employment Scheme (Mukhya Mantri Yuva Swarozgar Yojana)
The Government of Madhya Pradesh has introduced the Self Employment Scheme, also known as Mukhya Mantri Yuva Swarozgar Yojana. Under this scheme, the eligible entrepreneur will get maximum assistance of Rs. 10 lakhs as a loan for setting up a new business. The implementation of the scheme is performed by the Department of Commerce, Industries and Employment, which act as the nodal agency.
The objectives of the scheme are – to promote the establishment of new enterprises in manufacturing / service / business sectors in the state; and to support entrepreneurs and self-employment by providing an enabling environment for job creation and entrepreneurship.
> MP Jeevan Shakti Yojana
Chief Minister of Madhya Pradesh, Shri Shivraj Singh Chauhan launched Jeevan Shakti Yojana on 25th of April, 2020. The objective was – to make the lives of women entrepreneurs more productive and satisfying, by providing them with ample employment opportunities. Another significant reason behind the introduction of this scheme is to grant low-cost masks to the citizens.
Under this scheme, women entrepreneurs belonging to urban areas can initiate the manufacturing of masks by registering themselves at the official portal. The masks are designed and manufactured by women and the products will be purchased at the rate settled by the Madhya Pradesh government at the district level. Required action will take place at the district level for the sale of purchase item. These masks will secure the lives of people and also grant employment to unemployed women spending time at home.
> Mukhyamantri Kaushal Samvardhan Yojana
Also known as Chief Minister’s Skill Promotion Scheme, this skill development & training initiative launched by Madhya Pradesh Government focuses on providing free-of-cost skill training to the youth of MP. The Madhya Pradesh government will bear the entire financial burden and aims to provide around 2,50,000 youth & women with skill development training, every year.
Some critical objectives of the scheme include providing equal opportunities to male as well as female candidates – to receive training in their preferred sector, to assist candidates in setting their own businesses, upgrade skills and open up opportunities for unemployed women as well as the youth.
> Madhya Pradesh Venture Finance Limited
The MP Government has established a MP MSME Fund – for managing capital funds required for setting up a venture. This fund was utilised for equity of start-ups and for upcoming potential start-ups. The initial target size of the fund was 100 cr.
MP Venture Finance Limited Company has been established for providing venture capital funds to start-ups. It is developing an ecosystem to support start-ups and entrepreneurs – by providing a professional platform to all stakeholders, including mentors, advisors, associations, angel investors, and investee companies in the state.
> Mukhyamantri Yuva Udyami Yojana
Under this scheme, loans will be provided by the banks to all the citizens of the state who want to set up their own industries/ enterprises. Loans ranging from INR 10 lakh to INR 2 crore will be provided for a period of 7 years.
The main objective of this scheme is – to provide loans to all the unemployed citizens of the state to set up their enterprise. The benefit of margin money assistance, interest subsidy, loan guarantee and training will be provided by the government, along with employment opportunities.
Under this scheme, 5% interest rate has been fixed for female entrepreneurs
> Mukhyamantri Swarojgar Yojana
This scheme aims to strengthen the fiscal support and provide self-employment opportunities to MP-based entrepreneurs and aspiring entrepreneurs. Providing loans from INR 50,000 to INR 10 Lakh for a period of 7 years, in which 30% of the project cost for women will be subject to a maximum limit of INR 2 lakh.