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Delay in subsidy stalls self-employment units.
The State government is yet to release subsidy to banks for grounding various self-employment units sanctioned by BC, SC and ST Corporations for the fiscal year 2015-16. Even as the subsidy remains unreleased, the government called for applications for the fiscal year 2016-17.
Nizamabad: The State government is yet to release subsidy to banks for grounding various self-employment units sanctioned by BC, SC and ST Corporations for the fiscal year 2015-16. Even as the subsidy remains unreleased, the government called for applications for the fiscal year 2016-17.
The unemployed are worried about non-release of funds so far for the units to be grounded last year.
To ensure that the funds did not go waste, the State government hurriedly sanctioned units by March-end but reportedly did not release the subsidy to banks even in the last week of August. Had the government released subsidy by April last week, the banks would have released the loan component.
According to sources, the government allocated Rs 37 crore to issue loans to the unemployed through ST Corporation to start self-employment units. Out of 10,500 applicants, the government identified over 2,700 beneficiaries. Each of them is entitled to get Rs 2 lakh loan that carries a subsidy component of Rs 1.40 lakh.
When the government releases Rs 1.40 lakh towards the subsidy, the banks will release the rest of Rs 60,000 for each unit.
The BC Corporation earmarked Rs 39 crore for starting the self-employment ventures. To start each unit, the loan component ranges from Rs 1 lakh to Rs 10 lakh.
For a loan of Rs 1 lakh, the subsidy component is 80 per cent and for a loan of Rs 2 lakh, the subsidy component is 70 per cent. The subsidy component is only 60 per cent for loans greater than Rs 2 lakh. As the government released no subsidy, over 2,449 are making rounds in vain to banks.
The SC Corporation earmarked Rs 3 crore to benefit 272 unemployed. The cost of units to be sanctioned by the SC Corporation ranges from Rs 1 lakh to Rs 2 lakh, the sources said.
By: S Anjaneyulu
