Chief Minister Pema Khandu announced the Chief Minister Soft Loan Scheme to support ITI pass-outs in starting their own entrepreneurial ventures. The scheme is open to candidates who have graduated from Industrial Training Institutes (ITIs) within the last three years, starting from 2022.
The objective of the scheme is to transform skilled youths into job creators rather than job seekers, in line with the vision of building a self-reliant Arunachal Pradesh.
The scheme will be implemented by the Skill Development and Entrepreneurship Department. Candidates interested in trades such as electrical work, welding, carpentry, automobile repair, and tailoring may apply for the scheme.
The CMSLS offers a 25% loan subsidy and a 7% interest subsidy to ease the repayment burden on young entrepreneurs. This initiative, which aims to promote self-reliance by helping technically skilled youths establish independent businesses in their respective trades, is a commendable step by the government.
Often, young people have the vision but lack financial support, causing their dreams to remain unfulfilled. With initiatives like this, even if the scheme provides a limited amount of financial assistance, it can go a long way in helping them. However, the loan process should be simplified and should not involve excessive paperwork, as that can be an intimidating process in itself.