The Government has envisioned to double its GSDP to make Meghalaya a USD 10 Billion economy by 2030. It aims to be among the top states in the country in terms of per capita income and to achieve the Sustainable Development Goals. To accomplish this ambitious vision, the government is prioritizing infrastructure development, promotion of ease of doing business, designing, and implementing programs that would engage and empower its people to attain the desired economic growth. Furthermore, entrepreneurship and youth empowerment are identified as two critical pillars that hold the potential to transform Meghalaya’s economy into a dynamic and thriving one.
By harnessing the productivity of the youth by engaging them in various economic generation activities in multiple sectors such as agriculture, horticulture, animal husbandry, tourism, entertainment, wellbeing etc., the state can unlock opportunities for growth and development. Encouraging individuals to manifest their innovative ideas into tangible businesses, providing them with necessary resources, and creating an enabling ecosystem will not only lead to the creation of new job opportunities but also fuel local innovation, attract investments, and contribute to overall economic resilience. Thus, investment and enhancing productivity are necessary to accelerate Meghalaya’s economic growth to equalise its per capita income with that of the country’s average by 2030.
The CM-ELEVATE is a State funded flagship program, aiming to make the youth partners of development by engaging and empowering them through entrepreneurship. This program is specifically designed to provide support to individual entrepreneurs, collectives, village organizations and traditional institutions to take up various businesses. To financially assist such initiatives and ensure easy access and affordable credit to the aspiring entities, Government of Meghalaya has partnered with various public and private sector banks. Adequate credit availability will encourage aspiring entrepreneurs to secure loans to start new ventures; to expand their existing businesses and invest in new technologies and increase capacity; and encourage growth of SMEs leading to higher employment generation and increased income of the local population. In this way, the program will increase the credit flow, thereby, significantly stimulating economic growth and development.
However, the State Government also understands the various potential risks associated with credit flow such as financial instability, over indebtedness etc. To minimize such risks, Government of Meghalaya has decided to provide necessary financial assistance to the tune of 35% to 75% of the project cost in the form of capital subsidy and operational subsidy as EMI co-payment. Additional handholding support such as trainings, skill development programs and capacity building programs by various government departments to successfully implement individual projects will be provided. Under the program, the individual entrepreneurs, various registered and unregistered entities of the state will have a single window portal to select and apply for any business venture spanning across various sectors based on their specific needs.
Providing financial aid and handholding support to individuals and groups from across the state to take up various businesses listed under the program.
Who can apply?
Applications shall not be ordinarily considered for the following
Nodal Department for the overall program
Planning, Investment Promotion & Sustainable Development Department
Implementing Departments/agencies for schemes under the program
Online application on the CM-ELEVATE program portal
It is a state funded flagship program, designed to provide support to individual entrepreneurs, companies, collectives, village organizations and traditional institutions to take up various businesses.
Planning, Investment Promotion & Sustainable Development Department is the nodal department for overall implementation of the program.
CM Elevate program covers various sectors, including agriculture, horticulture, veterinary and animal husbandry, tourism, entertainment, sports, wellness, and any business venture of economic interest for the people of the state. Please refer each scheme under the Programme for more detailed information.
Individual entrepreneurs must be between 18 and 58 years of age.
One can apply “online” through CM’s Elevate Program Portal by selecting any scheme based on his/her need.
The deadline for submitting applications in the first phase is 31st October 2023.
The applications will be processed by the implementing agencies responsible for implementing the schemes.
No changes will be applicable after submission. It is advisable that the applicants read and answer each question carefully and all changes should be made before submitting the application.
Yes, you can choose any bank from the partnered banks for the scheme.
The repayment period is different from one scheme to another.
The subsidy from the government will be disbursed through the partnered banks.
Yes, the implanting agency will notify on the trainings to be provided to the entrepreneurs.
The training to be provided by the implementing agencies will be mandatory for the entrepreneurs.
The implanting agency will notify on the trainings locations from time to time.
No, the trainings will be provided free of cost for the entrepreneurs.
The implanting agency will notify on the training duration from time to time.
Applications shall not be ordinarily considered for the following
No, only residents of Meghalaya are eligible to participate in the scheme.
The required documents as mentioned in the individual scheme guidelines are required to be submitted to eligibility. However, in general the following documents are required.
Aadhar linkage is mandatory to receive the benefits of annual rate of interest subvention up to 3% for the following schemes under the Interest Subvention Scheme implemented by Reserve Bank of India (RBI) and National Bank for Agriculture and Rural development (NABARD). However, entrepreneurs are requested to visit any of the partner banks for more information on the same.
No, you cannot apply for more than one scheme.
There is no application fee.
The prerequisites are scheme specific. Kindly go through the scheme guidelines specific to your area of interest to understand further.
If your application is rejected by the implementing agency, please write to understand the reasons of your rejection.
The financial assistances are in the tune of 35% to 75% and are different from one scheme to another. Please refer to the specific scheme guidelines to understand the support provided by the government.
Interest rates may vary depending on the bank you choose for credit support. You should inquire with the selected bank for specific interest rate details.
All selected entrepreneurs will be required to sign a tripartite contract with the respective implementing agencies and the financing partner providing loan.
Government has the right to terminate the contract and following which entrepreneurs are required to return the entire fund support received from the government with an additional annual interest charge and may also include legal action on the entrepreneurs for following reasons,
Planning, Investment Promotion & Sustainable Development Department, Government of Meghalaya,