In a bid to bolster small-scale enterprises and support skill-based workers, the State Government has decided to launch Mukhya Mantri Laghu Dukandar Kalyan Yojna (MMLDKY). Under the scheme, the State Government will provide accessible loans of up to Rs. 50,000 with a substantial 50 percent interest subsidy.
The move comes as a lifeline to thousands of families operating small enterprises across the State. Often grappling with limited business acumen, these enterprises struggle to thrive, leading to stagnation or even closure and meager incomes for their proprietors. Recognizing this critical issue, the state government has devised a comprehensive scheme to offer collateral-free loans, aiming to financially fortify this segment of society.
Chief Minister Thakur Sukhvinder Singh Sukhu said that the MMLDKY scheme has been prepared to encompass small enterprises and skill-based workers such as cobblers, tailors, barbers, mobile repairing vendors, vegetable and fruit vendors, and more, residing and conducting their businesses in rural areas. In its initial phase, the scheme targets the inclusion of 75,000 individuals falling in the age group of 18-55 years.
To ensure seamless implementation, the State Government has earmarked a substantial budget of Rs. 40 crore for the scheme. The entire loan approval process will be streamlined through an online application system, set to be developed by the Department of Digital Technologies and Governance.
“The Scheme aims to empower small entrepreneurs and uplift the state’s economy” said the Chief Minister, adding that the government envisions providing vital support to those, who often face hurdles in accessing financial resources, thereby ultimately strengthening the economy of the State. He stated that the current state government was dedicated to serving the common man and is unwavering in its commitment to improving the lives of underprivileged citizens and enhancing their livelihoods.