The Chief Minister’s Rozgar Yojana (CMRY) of the Economic Development Corporation (EDC) that is aimed at creating self-employment among the local youth is facing a slowdown. Loans under the scheme fell eight per cent in 2017-18 compared to the previous year. While Rs 18 crore was sanctioned under CMRY in 2016-17, the loans dropped to Rs 16.5 crore in 2017-18 (up to February-end).
A senior official in charge of the scheme attributed the decline to mining closure. “The mining belt has gone completely dry and we are finding it difficult to lend in talukas such as Sattari, Valpoi, Bicholim, Sanguem, Quepem and to some extent Pernem,” said the official.
He said that in the past, CMRY loans funded various small businesses in mining areas such as general stores, guest houses, bars, provision shops etc. But with no activity in the area, there are few takers for loans. The official said that currently most of the loan applications are with regard to sale of readymade garments. “Too much exposure to one type of business is making us cautious in granting loans to garment retailers,” he said.