Shillong, Sep 21: Chief Minister Conrad Sangma launched the CM-elevate initiative at the Vivanta, here on Thursday. The initiative, according to the chief minister, sets the stage for empowerment, entrepreneurship, and economic development in the state, promising a brighter future for Meghalaya youth.
Launching the programme, Conrad said it is aimed at engaging, employing, and empowering the youth of Meghalaya through entrepreneurship, which he believed serves as a holistic solution for fulfilling the business needs. He said, “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 around Rs 300 crore.” 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 chief minister said financial support ranging from 35 to 75 percent of the project cost to mitigate credit risks can be offered. He said, “To minimize 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% of the project cost, with varying loan terms (ranging from 5 to 15 years) and moratorium periods (between 3 to 18 months), coupled with variable interest rates across different schemes.
“We have created three lakh jobs in the private sector in the last five years, and I am sure the number will increase in the coming years. I have always held the belief that the government’s role should be limited to formulating policies, fostering a conducive ecosystem, and providing essential facilities to support entrepreneurs. This is just the beginning, and as we progress, we will adapt our approach, allocating additional funds as necessary.”, he said.