Categories: Current AffairsSchemes

Kerala to soon see off its overseas emigrants with Shubhayatra scheme

The State government of kerala has launched a groundbreaking scheme called ‘Shubhayatra’. The scheme aims to provide much-needed financial support to first-time overseas emigrants from Kerala, facilitating a positive and productive migration ecosystem.

With a financial assistance of up to ₹2 lakh, a tax holiday for six months, and attractive interest subvention, the scheme intends to help eligible candidates cover the incidental expenses associated with overseas employment.

The Shubhayatra Solution: Soft Loan and Financial Assistance

The ‘Shubhayatra’ scheme offers a comprehensive solution to address the financial hurdles faced by aspiring overseas job seekers.
The scheme will provide a soft loan called ‘foreign employability skilling assistant’ which covers preparatory expenses for migration. The loan amount will be proportional to the salary offered to the candidate by their employer in the recipient country.
To ensure the successful implementation of the scheme, the State government will collaborate with nationalized and scheduled banks. These banks will be responsible for offering the soft loans to eligible candidates.
Additionally, the government will provide financial support for interest subvention and grant a six-month tax holiday for the loan.

Financial Allocation and Repayment

In support of the ‘Shubhayatra’ scheme, the Kerala government has allocated ₹2 crore in the current financial year for providing tax holidays and interest subvention to emigrants.
The tax holiday and interest subvention aim to alleviate the financial burden on first-time emigrants and promote higher quality professional migration from the State.
Candidates who avail of the soft loan will have a grace period of up to three years to repay the borrowed amount.
This flexible repayment plan is expected to ease the transition for emigrants and allow them to focus on establishing themselves in their overseas careers without immediate financial stress.

‘Shubhayatra’ scheme: Enhancing Quality and Economic Development

‘Shubhayatra’ scheme will significantly enhance the quality of professional migration from Kerala. As the largest remittance-receiving State in India, Kerala’s economy is closely linked to its emigration history. Therefore, creating a conducive and productive ecosystem for affordable and quality migration from the State is of utmost importance for its sustained development.