Goa State 25% Subsidy for Self Employed Scheme

DETAILS The “Goa State 25% Subsidy for Self Employed Scheme” was launched by the Directorate of Industries, Trade, and Commerce, Government of Goa. The scheme aims to boost self-employment in the State and encourage beneficiaries under self-employed schemes to repay their loan regularly. The scheme provides 25% subsidy on fixed capital investment for all activities related to Industrial and other self-employment opportunities. The applications for this scheme are accepted at the office of the Economic Development Corporation, EDC House, Panaji-Goa. BENEFITS Payment of 25% subsidy on fixed capital investment for all activities related to Industrial and other self-employment opportunities. Benefit Disbursement In the case of the Dr. Verghese Kurien Rojgar Yojana Scheme, an amount equal to 20% of the Equated Monthly Installments (which corresponds to approximately 25% of the principal component of the Equated Monthly Installments), paid within the due date, shall be credited to the principal account, on the date of payment. In the case of the Revised Chief Minister’s Rojgar Yojana Scheme, an amount equal to 20% of the Equated Monthly Installments (which corresponds to approximately 25% of the principal component of the Equated Monthly Installments), paid within the due date, shall be credited to the principal account on the date of payment. For Revised Chief Minister’s Rojgar Yojana beneficiaries, the subsidy is on the non-overdue outstanding Equated Monthly Installments of the disbursed assistance, from the month following which the account is regularized. Subsidy shall be applicable only on the fixed capital investment, which includes premises, plant and machinery, furniture and fixtures, office equipment, electrification, alternate power sources, etc. For beneficiaries of the Revised Chief Minister’s Rojgar Yojana, the subsidy shall be applicable on the entire non-overdue outstanding of the disbursed assistance. Conditions for Availing the Benefits The subsidy shall not be paid on the defaulted Equated Monthly Installments. Subsidy can be resumed on payment of defaulted Equated Monthly Installments but shall be applicable only for the balance amount or for a fresh Equated Monthly Installment. If the beneficiary pre-closes the loan account prior to the completion of one year of the first disbursement of the loan, then the subsidy amount paid to the beneficiary during the said period shall be reversed and debited to the loan account. In the case of misrepresentation or miscalculation, the amount of such subsidy released shall be repayable forthwith by the borrower and shall be recovered as arrears of land revenue. Working capital investment, including raw materials, stock of goods for sale, consumables, etc., shall not be considered for the payment of subsidy. ELIGIBILITY The applicant must be an individual or a Group of individuals or a Partnership Firm. The applicant must have availed financial assistance for the purpose of self-employment under the "Chief Minister’s Rozgar Yojana (CMRY)" or "Dr. Verghese Kurien Rojgar Yojana (VKRY)" Schemes, or from Nationalized Banks, Scheduled Commercial Banks, Co-operative Banks, and registered Credit Societies. The income of the applicant along with spouse must not exceed ₹3,00,000/- per annum. The applicant must be minimum 7th grade passed. The applicant must be below 42 years of age. In case of a group of individuals (except registered Self Help Groups), all the individuals must be below 42 years of age. In the case of groups of individuals, all persons in the group must satisfy the residency, age, and education criteria. The activity carried out must not be covered under the Red Category. The activity carried out must not be related to tobacco and liquor. The applicant must not be receiving assistance under the "Dr. Verghese Kurien Rojgar Yojana Scheme" for the acquisition of Yellow/Black–Motorcycles, Yellow/Black–Auto Rickshaws, Yellow/Black–Taxis, Tourist Taxis, or Buses. The applicant must not be an existing beneficiary of the "Chief Minister’s Rojgar Yojana Scheme" financed for the acquisition of Yellow/Black–Motorcycles, Yellow/Black–Auto Rickshaws, Yellow/Black–Taxis, or Tourist Taxis. The applicant must not be a beneficiary under any other subsidy linked schemes of the Government, wherein subsidy of approximately 25% or more is given by the concerned department.  Preference, Relaxation, and Automatic Coverage The applicant should be born and resident for 15 years in Goa. The applicant should be a resident of the State of Goa for at least 15 years prior to the application under this scheme. The applicant should have passed graduation or 12th standard or 10th standard or schooling from the State of Goa. The age limit shall be relaxable by 5 years for women, disabled persons, Scheduled Caste/Scheduled Tribes, and Other Backward Class persons. Applicants eligible for age relaxation under the Chief Minister’s Rozgar Yojana/Dr. Verghese Kurien Rojgar Yojana shall be considered under this scheme automatically. The minimum VIIth grade requirement may be relaxed in deserving cases by a specific order of the Director of Industries, Trade & Commerce. Applicants granted education relaxation under the Chief Minister’s Rozgar Yojana/Dr. Verghese Kurien Rojgar Yojana Scheme shall be considered under this scheme automatically. Self Help Groups (SHGs) of women and disabled persons shall be given priority. Priority will be given to women entrepreneurs to the extent of 30% of the budgeted outlay on the scheme in case applications exceed total budgetary provision. All beneficiaries under the Chief Minister’s Rozgar Yojana/Dr. Verghese Kurien Rojgar Yojana Scheme are automatically covered under this scheme, and approval by the Task Force Committee is adequate. Existing beneficiaries under the Revised and Modified Chief Minister’s Rozgar Yojana having their account without any over dues as on 30-09-2015, or from the month following which the account is regularized, shall be eligible. Existing beneficiaries of other subsidy linked schemes of the Government, wherein the subsidy availed/eligible is less than 25%, may be granted subsidy under this scheme, provided the subsidy availed is deducted from this scheme's subsidy on a pro-rata basis.