In a written reply to the Lok Sabha, Union Minister of Cooperation Amit Shah shared updates on the implementation of the Yuva Sahakar – Cooperative Enterprise Support and Innovation Scheme.
As of November 30, 2024, the National Cooperative Development Corporation (NCDC) has sanctioned financial assistance amounting to Rs 4,734.97 lakh, benefiting 18,915 cooperative members, with Rs 294.44 lakh already disbursed. In the current financial year, Rs 230.61 lakh has been sanctioned, and Rs 89.88 lakh has been disbursed.
However, no proposals have been received from eligible cooperatives in Himachal Pradesh and Andhra Pradesh, highlighting potential gaps in outreach or application processes in these regions.
The scheme, implemented by the NCDC, is designed to encourage the establishment of cooperative societies with innovative ideas, particularly focusing on young entrepreneurs. It aims to bolster cooperative enterprises across the country under the Ministry of Cooperation’s administrative guidance.
The scheme targets newly formed cooperative societies operational for at least three months. It offers long-term loans with a repayment period of up to five years. Additionally, the NCDC provides a 2% interest subvention on the applicable interest rate for term loans related to project activities.
The loan component can also be combined with subsidies available under other Government of India programs, making the scheme a flexible and resourceful financial tool for cooperatives. All funding under the scheme is project-based, ensuring alignment with specific development goals.
Since its inception, the Ministry of Cooperation has been actively working to strengthen and expand the cooperative sector in line with its vision of “Sahakar-se-Samriddhi” (Prosperity through Cooperation). The ministry has launched multiple initiatives to deepen the cooperative movement from grassroots-level primary cooperatives to apex-level organizations, with the aim of making cooperatives a key driver of socio-economic growth.
The minister also presented an annexure detailing progress made under major initiatives by the Ministry of Cooperation. These initiatives aim to create an enabling ecosystem for cooperatives to thrive and contribute significantly to various sectors, including agriculture, rural development, and innovation-driven enterprises. This comprehensive approach underscores the government’s commitment to fostering self-reliance and collective prosperity through cooperative models.