`326 cr to support minorities in self-employment, skill training

The Minister for Law and Minority Welfare, NMD Farook, has announced that the State government has initiated a significant scheme aimed at the financial uplift of minority communities. Under the project, the government has earmarked a budget of `326 crore for the financial year 2024-2025 to support minority beneficiaries in self-employment and skill training.
Minister Farook stated that the government is dedicatedly rolling out plans to implement this scheme for the welfare of the minority population. He explained that the newly announced programme will provide subsidy loans amounting to `152.50 crore, covering 50 per cent of the financial support, while the remaining 50 per cent is expected to be disbursed through local banks.
The Minister highlighted that the initiative is set to benefit approximately 49,218 individuals, including 19,790 beneficiaries through bank-linked subsidy loans and an additional 29,428 individuals via employment driven by skill training programmes.
Minister Farook elaborated that loans will be distributed across different categories to promote self-employment. He further elaborated, “Under this programme, 19,790 beneficiaries will receive loans categorised into three segments based on their business plans. The beneficiaries looking for loans up to ?1 lakh will be engaged in enterprises such as grocery stores, poultry, fruit and vegetable stalls, electrical repairs, and more. Those seeking loans ranging from`1 lakh to `3 lakh will set up businesses such as air conditioning and refrigerator repairs, automotive spare parts, cellphone repairs, and fashion or beauty services. For loans between `3 lakh and `5 lakh, funds will be directed towards setting up businesses in the automotive, transport, and fabrication sectors. There will also be provisions for beneficiaries establishing larger ventures, such as generic medicine shops and fitness centres, to receive subsidy loans of up to ?8 lakh.”
The Minister stated that additionally, the programme aims to empower unemployed youth by providing skill development training to 25,000 individuals in various sectors. Among these, 3,428 women will receive training specific to tailoring, beauty, and fashion design as part of the self-employment initiative.
Minister Farook emphasised that the coalition government is diligently working towards the promises made to minority communities, actively working under the leadership of Chandrababu Naidu to revitalise the State economy and ensure welfare for minorities, as a stark contrast to previous governance which neglected the welfare of minority groups.