These 5 government schemes are useful for the unemployed youth, Know In Detail

The state of being without any work yet looking for work is called unemployment. Economists distinguish between various overlapping types of and theories of unemployment, including cyclical or Keynesian unemployment, frictional unemployment, structural unemployment and classical unemployment. Some additional types of unemployment that are occasionally mentioned are seasonal unemployment, hardcore unemployment, and hidden unemployment.

Unemployment Schemes

Though there have been several definitions of "voluntary" and "involuntary unemployment" in the economics literature, a simple distinction is often applied. Voluntary unemployment is attributed to the individual's decisions, whereas involuntary unemployment exists because of the socio-economic environment (including the market structure, government intervention, and the level of aggregate demand) in which individuals operate. In these terms, much or most of frictional unemployment is voluntary, since it reflects individual search behavior. Voluntary unemployment includes workers who reject low wage jobs whereas involuntary unemployment includes workers fired due to an economic crisis, industrial decline, company bankruptcy, or organizational restructuring.

1. Pradhanmantri Rojgar Yojna: 

Under this scheme loans to the unemployed youth are given to the government. In this scheme, the youth can start their own business. The loan is given to those who have studied till standard 8. They can get loan up to Rs 5 lakh for establishment of a business. The beneficiary's income for taking this loan should not be more than one lakh per year with the income of his parents.

2. Loan Subsidy Scheme:

This scheme is not available in all states. The Tamil Nadu government gives benefit to the unemployed youth with Nifty scheme. Under which the state government is subsidized by 25% of the loan amount. Under the NEEDS scheme, state government provides 25% subsidy to unemployed youth on any loan.

3. Cash Loan:

NEED scheme is also given by the state government. This loan is provided to unemployed youth who want to start a new business by the West Bengal government. Under this scheme, an unemployed person can apply for a loan of Rs. 50,000. For which unemployed youth should be 18-45 years old.

4. farming loans:

This loan is a very useful scheme for those who are unemployed in the field of agriculture. Unemployed youth who are graduates of 22 years of age or older can apply for this loan.

5. Secured loan for unemployed:

The loan holder may be able to keep some of the properties for this loan. Its loan amount depends on the value of its property.

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