PM kamyab jawan program has gained a popularity among the youth and many are able to establish their own businesses and they are earning a handsome amount of money. The range of this loan in this scheme was from 1 lac to 2.5 crores and Govt. gave 8 Billion subsidy on this project. It was a great initiative because everyone is not able to get a Govt or private job and the best way to build your youth or nation is to provide them with their own businesses.
Now the Govt has decided to expand this project to micro finance banks through which those banks will provide a small amount of loan on the base of zero or less markup plan.
The finance minister Shaukat Tarin held a meeting on friday with the presidents of National Bank, Habib Bank & Bank of Punjab and asked them to show their ideas or plan about the expansion of kamyab jawan program through which we can provide small amount of loans to the youth to startup their own businesses.
The micro finance banks will also be included in this project and they have also asked to submit their plans. The Govt has ensured the commercial banks that they will provide credit guarantee risk sharing facilities to provide comfort. In the next meeting all banks will give their presentation about this project and soon the Govt will launch this project.
25% of that project was placed for women and many women became independent after getting this loan. Some started their new businesses and some of them expanded their already settled business. The IT users also got a huge benefit from this scheme. Our PM Imran Khan is also keen on spreading the net of IT in our country. The Govt has reduced the taxes on construction businesses and some people have established their construction or real estate office.
Now in the next phase Govt is looking to provide small amounts of loans to young boys and girls so they can earn through their own business. One can open a small karyana store, fast food stall, chai dhaba, beauty parlor, etc.
This will help the large number of people who are jobless and tired of finding jobs, they will be able to start their own business. The most important thing is that the Govt is trying to set 0% or a very low markup rate in this project, so that it will be easy for the individuals to return this loan.