Guwahati, Sep 29 (IANS): The Assam government is set to distribute the first instalment of financial support under the Chief Minister’s Atmanirbhar Assam initiative to promote entrepreneurship among youths of the state.

An official said on Sunday that more than 25,000 youths will be awarded the first instalment of Rs 75,000 as financial support. There were two categories of applicants -- one with general qualifications and the other with professional qualifications having medical or engineering degrees.

“In the first category, 25,064 youths will be given first tranche of Rs 75000 in a programme to be held in Guwahati on Monday that will be attended by Chief Minister Himanta Biswa Sarma. Another 174 youths who have a professional degree will be given the same amount in the first instalment. In the month of November, after a training programme for the youths, the second tranche of Rs 25,000 will be given to those selected youths,” the official said.

The state administration will later assess the progress of the business and then release the third tranche of financial support. The youths in the first category with general qualification will get Rs 1 lakh in the third instalment while professional degree holders will receive Rs 4 lakh, the official mentioned.

Meanwhile, Chief Minister Himanta Biswa Sarma said that the state government desires to push entrepreneurship in Assam with this initiative.

“The youths who were selected under the Atmanirbhar Assam initiative will be exempted to repay Rs 1 lakh. The rest can be repaid after 5 years in a very small instalment amounting to Rs 5,000 per month. I believe that youths can build a business and at a later stage they can avail benefits from Prime Minister Mudra scheme,” he said.

Sarma also announced that the second leg of the Atmanirbhar Assam initiative will be launched soon where at least 75,000 youths will be given financial assistance to help them become entrepreneurs.