YSR Navodayam Scheme in AP 2019 For MSME

YSR Navodayam Scheme in AP 2019 For MSME 2019-20 [Application Form, Eligibility Criteria, Documents, List]

The PM of India is trying to provide suitable conditions for the growth of both large and small-sized enterprises. Due to this initiate, MSME development scheme was started way back. As of now, Chief Minister of Andhra Pradesh understands the need to help the MSME departments and therefore, launched YSR Navodayam Scheme. Under this, the MSME business persons will get financial help from the state government. Go through the following part of the article to grasp better insight into the details of the entitled scheme.

Name of the scheme YSR Navodayam Scheme  
Launched in Andhra Pradesh
Launched by Y. S. Jagan Mohan Reddy
Date of announcement July 2019
Target beneficiaries Business owner belonging to MSME
Date of implementation October 2019
Supervised by Andhra Pradesh government
Portal Yet to be launched
Helpline number Yet to be declared

Key features of the YSR Navodayam Scheme

Development of MSME ventures –

The main objective of the YSR Navodayam Scheme is to help the small, micro and medium-sized enterprises restore and develop. The state government will give the required financial help.      

More revenue generation –

By helping MSME enterprises develop, it shall help to bring in more revenue in the state financial departments. This way, the state government will be able to come up with more effective welfare scheme plans without any such financial problems.

Solving employment issues –

As the state government has been able to restore the declining condition of MSME, this will help in generating more employment opportunities for the youth of the state.

Encouraging youth entrepreneurs –

 As young entrepreneurs see that the state government is offering financial help to MSME, they will be boosted morally and this will help them to start venture to earn money from it. 

Financial assistance for business owners –

The grant amount is yet to be declared by the state government, a rough amount of rupees 4000 crores has already been allocated in the name of the above said scheme. 

Onetime grant –

The financial help will be given on one-time basis. In this relation, the grant money will be credited in the bank account of the beneficiaries in one installment.

Tenure for monetary utilization –

As per the tenure of the scheme, it has been written that the grant money received by the beneficiary should be used within the upcoming nine months. Before giving the grant, the MSME department will run a background check of the business owner whether they are putting the money in the right use or not. 

Attaining the money –

Chief Minister of the state will provide the grant money to the selected beneficiary directly in the bank account by 31St March 2020.

Reservation for needy applicants –

The scheme will give reservation facility to the needy owners so that they can carry out with their ventures. In this scheme, a 50% reservation will be given for the backward castes. In addition, the benefits will be given t women entrepreneurs as well.   

Eligibility Criteria

Residents of Andhra Pradesh –

Only the legal and permanent residents of Andhra Pradesh can avail of the above-said scheme benefits. Also, the business should be operated within the state to get the scheme perks.

MSME category business –

Only medium, small, and micro-sized businesses are included in this scheme. No other business venture can get scheme benefits.

GST registered venture –

The business venture seeking help from the scheme should be a GST registered one with the state GST department. Without proper registration, the business may not be able to get the benefits.

ST, SC, OBC and minority reservations –

For business owners who are member of minority community and belonging to SC, ST and other backward society, they can get scheme benefits.

Reservation for women –

As per the scheme rules, half of the scheme seats will be given for women entrepreneurs that shall help them to run the business smoothly. 

Bank account of the business –

Separate bank account should be maintained for the business venture. Therefore, to get the scheme benefits, it is important to get a linked bank account so that the financial will be transferred directly in the account. 

Documents required for applying under the scheme

Residential proof –

 As the business scheme is only meant for the residents of Andhra Pradesh, they should provide suitable residential documents at the time of registration. Individuals from other states cannot become part of the scheme.  

Identity proof –

The business owner should produce suitable documents such as Aadhaar card and the like as identity proof and proper identity validation by the higher authorities.

MSME certificate –

The business owners who wish to get scheme benefits must have MSME certificate. The registration certificate should be issued properly by MSME department. This will be required in support of their claim.

Business registration certificate –

If the business owner wishes to get benefits for their small and medium-sized business, they must furnish a suitable business registration certificate that shall help them in getting financial help. The registration certificate should be given at the time of applying under the scheme.

PAN card for the business –

A copy of business owner’s PAN card should be produced at the time of applying under the scheme. Therefore, the PAN card must be issued by the state government in the name of the business organization.

Caste certificate –

To get scheme benefits based on caste of the business owner, the person should provide document details like SC, ST, OBC and other backward categories certificate. Even the individual can produce his or her minority registration certificate.

Bank account details –

For the scheme benefits, bank-related documents like bank account number, branch name, IFSC code, and other relevant detail should be given.

How to apply for the scheme?

The scheme is a newly launched one that has been announced by Andhra Pradesh state government, but it is yet to be implemented by the department. Moreover, the online portal has also not been declared. Even the procedure for selecting the applicants has not been decided. As soon as the regulations come, the beneficiaries will get to know about it from the online portal. Even they can also know about the details of online registration.

The main reasons due to which the small and medium-sized businesses are lacking behind are the lack of financial issues. As they are unable to get the modern machines, they fail to achieve success and growth in the business venture. With the successful implementation of the above-said scheme, it will help the business owners to restore their business and make a suitable profit from the business. With financial help, they can continue to develop their business.

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