Bhavishyat Credit Card Scheme:- For young people, the West Bengal finance minister Chandrima Bhattacharya launched the Bhavishyat Credit Card Scheme on Thursday. 2 lakh young people between the ages of 18 and 45 will receive financial support in the form of loans under this program. Read below to check the detailed information related to the scheme like Highlights, Objectives, Features and Benefits, Initiatives Being Undertaken in the Industry, Application Procedure, and much more.
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Bhavishyat Credit Card Scheme 2024
The Bhavishyat Credit Card Program was launched by the finance minister in the West Bengal Budget 2024–25. With bank loans of up to Rs. 5 lahks, 2 lakh youth between the ages of 18 and 45 would receive financial aid through this program to start micro-businesses and provide employment possibilities. The State Government shall give a subsidy in the form of a margin money contribution, up to a maximum of 10% of the project cost, and guarantee coverage of 15%, with a cap of Rs. 25,000. For this program, Rs. 350 crores have been set aside.
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West Bengal Bhavishyat Credit Card Scheme Details in Highlights
| Scheme Name | Bhavishyat Credit Card Scheme |
| Introduced by | Finance Minister of West Bengal |
| Introduced On | 15 February 2023 |
| State | West Bengal |
| Beneficiaries | Youth between the age group of 18 to 45 years |
| Total Number of Beneficiaries | 2 lakh youth |
| Loan Amount | Rs. 5 lakh |
| Assistance | Up to 10% of the project’s cost might be contributed as a margin money contribution with a cap of Rs. 25,000. |
| Budget Outlay | Rs. 350 crore |
| Guarantee Coverage | 15% |
Bhavishyat Credit Card Scheme Objective
Together with several initiatives to encourage investment and employment in the MSME and industrial sectors, the state government of Bengal has created a startup program to encourage self-employment in the region.
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Benefits of Bhavishyat Credit Card Scheme
Some of the key features and benefits of the scheme are as follows:
- Under the Bhavishyat Credit Card Plan, banks would offer loans up to Rs. 5 lakhs to start-up micro businesses and generate jobs.
- Youths between the ages of 18 and 45 will be given bank loans
- For almost 2 lakh people, this will help open up chances for self-employment.
- The state will offer subsidies under the plan in the form of margin money contributions of up to 10% of project costs with a ceiling of Rs 25,000.
- Also, the government will offer a 15 % guarantee of coverage
Initiatives Being Undertaken in Industry
With an investment of Rs 9,597 crore and employment prospects for 27,538 persons, WBIDC had allotted 1,882 acres to 35 units. The government would construct an industrial and commercial corridor linking Raghunathpur and Tajpur “Dankuni-Haldia, Dankuni-Raghunathpur, and Dankuni-Kalyani will be its three branches. The development of 2,483 acres of WBIDC’s industrial land in Raghunathpur, Purulia, has been authorized under Jungal Sundari Karmanagari. Also, bids for the selection of the Mine Development & Operator (MDO) for the 864.1 hectares have been floated in four rounds.” For the first year, the corporation may obtain from the MDOs 50% of the yearly sand premium, or Rs 78.3 crore.
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Application Procedure for Bhavishyat Credit Card Scheme
The Government of West Bengal has recently introduced this scheme. The government has not yet published the official website for this; however, the government will do so shortly. We will update this post as soon as there is a fresh update on this plan.