With the aim to provide more job opportunities for Meghalayans, the state government today officially inaugurated the CM-ELEVATE programme.
Chief minister Conrad K Sangma led the inauguration and was accompanied by a slew of cabinet ministers and senior civil servants.
Launching CM-ELEVATE, Sangma said that this is aimed at engaging, employing and empowering the youth of Meghalaya through entrepreneurship, which he believes serves as a holistic solution for fulfilling business needs.
“We aim to create entrepreneurship opportunities for over 20,000 individuals across various sectors over the next three years. This initiative comes with a substantial investment of approximately Rs 300 crore,” he said.
Speaking about the partnerships that the government has established with both public and private sector banks to facilitate easy access to credit for the aspiring entrepreneurs, the CM stated that financial support ranging from 35 to 75 percent of the project cost to mitigate credit risks can be offered.
“To minimise risks and barriers, we extend upfront financial aid to entrepreneurs and have collaborated with banks for financing. The programme offers term loans covering up to 95 percent of the project cost, with varying loan terms (ranging from five to 15 years) and moratorium periods (between three to 18 months), coupled with variable interest rates across different schemes,” Sangma said.
Also speaking at the event, Tourism Minister Paul Lyngdoh highlighted schemes launched by his own department – the Green Villa, Homestay, Motorhome and luxury tourism vehicle schemes.
Agriculture Minister Ampareen Lyngdoh spoke about how CM-ELEVATE can strengthen the state’s economy. “By offering 50 percent financial aid for the establishment of polyhouses (a kind of greenhouse), the programme promotes the cultivation of high-value vegetables and floriculture crops. In its initial phase, the programme aims to subsidise the setup of 1,000 polyhouses, fostering agricultural development in Meghalaya.”
With as little as Rs 4,000 in capital, the state government expects people to be able to start a business under this programme thanks to the range of subsidies. The program also features a single-window portal for applications to try and ensure a seamless experience for aspiring entrepreneurs.
