Cooperative Start-up and Innovation Fund Current Affairs - 2019
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Union Minister of Agriculture and Farmers’ Welfare Radha Mohan Singh launched Yuva Sahakar-Cooperative Enterprise Support and Innovation Scheme of National Cooperative Development Corporation (NCDC). It isyouth-friendly scheme aimed at attracting youth to cooperative business ventures.
Yuva Sahakar-Cooperative Enterprise Support and Innovation Scheme
The scheme is linked to Rs 1000 crore ‘Cooperative Start-up and Innovation Fund (CSIF)’ created by the NCDC. It aims to encourage cooperatives to venture into new and innovative areas. It envisages 2% less than applicable rate of interest on term loan for the project cost up to Rs 3 crore including 2 years moratorium on payment of principal. All types of cooperatives in operation for at least one year are eligible to avail of the scheme.
Under it more incentives will be provided for cooperatives of North Eastern region, Aspirational Districts and cooperatives with women or SC or ST members. The funding for the project under this scheme will be up to 80% of the project cost for these special categories against 70% for others