Gandhinagar, May 7 (AHN) The Gujarat government on Thursday extended subsidy assistance worth more than Rs 1,243 crore to over 1.42 lakh beneficiaries under the 'Shri Vajpayee Bankable Yojana' between 2021 and 2025, according to official details.

The scheme, aimed at promoting self-employment among unemployed youth in urban and rural areas, provided subsidy assistance worth Rs 466 crore to 47,462 beneficiaries during the financial year 2025-26 alone.

The scheme supports young entrepreneurs seeking to establish businesses in the industrial, service and trade sectors through bank-linked loans and government subsidies.

The state government has increased the maximum loan limit under the scheme from Rs eight lakh to Rs 25 lakh from the financial year 2025-26 onwards.

Under the revised provisions, beneficiaries from the General category are eligible for subsidy assistance of up to Rs 3.75 lakh, while Scheduled Caste, Scheduled Tribe and Divyang (differently-abled) beneficiaries can receive subsidy assistance of up to Rs five lakh.

Officials said subsidy support under the scheme ranges from 25 to 40 per cent in rural areas and from 20 to 30 per cent in urban areas, depending on the beneficiary category.

The state government said that the scheme was helping thousands of families become financially self-reliant while contributing towards Prime Minister Narendra Modi's vision of "Viksit Bharat" and "Atmanirbhar Bharat".

The initiative is administered by the state's Khadi, Cottage and Rural Industries Department under the leadership of Minister Naresh Patel and Minister of State, Swarokpji Thakor.

Applications under the scheme can be submitted online through the official portal.

The subsidy amount is directly credited to beneficiaries' bank accounts after approval of the loan by banks.

The scheme is open to residents of Gujarat aged between 18 and 65 years.

Applicants must have passed at least Standard 4 or completed a minimum of three months' training from a private institution related to the business activity, or at least one month's training from a government-recognised institution.

Applicants with one year of business-related experience or those belonging to hereditary artisan families are also eligible.

No income ceiling has been prescribed under the scheme.

Among the beneficiaries is Rohit Prajapati, a resident of Bavla in Ahmedabad district, who started a brick manufacturing business after availing assistance under the scheme.

Prajapati identified opportunities in the brick supply business amid increasing construction activity in Ahmedabad and wanted to start his own manufacturing unit.

However, arranging capital for the business remained a major challenge, prompting him to consider taking a bank loan.

He later attended a seminar organised by the District Industries Centre in the city, where he received detailed information about the scheme and the subsidy assistance available on loans for starting businesses.

"Through this government scheme, I was able to successfully start my brick manufacturing business. This assistance has proved very useful for the growth of my business, for which I express my heartfelt gratitude to the state government," Prajapati said.