Goa State 25% Subsidy for Self Employed Scheme
The scheme aims to boost self-employment in Goa and subsidize Capital Investment to encourage the creation of fixed assets. The scheme provides a 25% subsidy on fixed capital investment to individuals, partnership firms, or groups of individuals who have availed loans for approved self-employment.
About This Scheme
Benefits
- Payment of 25% subsidy on fixed capital investment for all activities related to Industrial and other self-employment opportunities.
- 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.
- 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
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Required Documents
- ✦Receipt Of Processing Fee Of ₹200/- (Non-Refundable).
- ✦Receipt Of Application Form Cost Of ₹25/-.
- ✦Proof Of Birth And Residency For 15 Years In Goa (For Preference Claims).
- ✦Proof Of Residency In Goa For At Least 15 Years Prior To The Application.
- ✦Proof Of Passing Graduation Or 12th Standard Or 10th Standard Or Schooling From The State Of Goa (For Preference Claims).
- ✦Age Proof (To Verify Applicant Is Below 42 Years Of Age, Subject To Relaxation).
- ✦Proof Of Minimum 7th Standard Passed.
- ✦Income Proof Of The Applicant And Spouse (To Verify Income Does Not Exceed ₹3,00,000/- Per Annum).
- ✦Documentation Related To Loan Availment (From Nationalized Banks, Scheduled Commercial Banks, Co-operative Banks, Or Registered Credit Societies).
- ✦Proof Of Self-Help Group Registration (In Case Of Self-Help Groups Of Women/Disabled Persons).
- ✦Caste Certificate (In Case Of Scheduled Caste/Scheduled Tribe/Other Backward Class For Age Relaxation).
- ✦Disability Certificate (In Case Of Disabled Person For Age Relaxation).
- ✦Loan Account Statement Proving Non-Overdue Status Or Regularization Of Overdue Loan Account (For Existing Revised/Modified Chief Minister’s Rozgar Yojana Beneficiaries).
✦ Required ◦ Optional
How to Apply
*The applications shall be submitted physically at the office of the Economic Development Corporation, EDC House, Panaji-Goa.
Step 1: The individual or group of individuals eligible under this scheme must first obtain the prescribed application proforma, which is available with the Economic Development Corporation, Panaji.
Step 2: The applicant must duly complete the application form and pay the application form cost of ₹25/- and a non-refundable processing fee of ₹200/-. The receipt for the processing fee must be enclosed along with the submission.
Step 3: The completed application, addressed to the Managing Director of the Economic Development Corporation, shall be submitted physically at the office located at EDC House, Panaji-Goa. Beneficiaries who are already availing assistance under the Chief Minister’s Rozgar Yojana/Dr. Verghese Kurien Rojgar Yojana Scheme need not apply separately, as they are automatically covered.
Post-Application ProcessStep 1: Scrutiny and Recommendation by the Task Force Committee
- For the purpose of implementing this scheme, the Task Force Committee (TFC), set up under the "Chief Minister’s Rozgar Yojana/Dr. Verghese Kurien Rojgar Yojana Scheme", shall scrutinize the received applications.
- The TFC will then recommend the applications for the subsidy.
Step 2: Sanctioning and Fund Placement
- The Task Force Committee under the Chief Minister’s Rozgar Yojana/Dr. Verghese Kurien Rojgar Yojana Scheme shall serve as the sanctioning authority for applications under those schemes, provided they have been duly appraised by the corresponding Appraisal Committee.
- The Directorate of Industries, Trade & Commerce shall make the necessary budgetary provision for the scheme and place the funds before the Economic Development Corporation upon receiving the subsidy claims.
Quick Info
- Level
- Central Government