Guwahati, Sep 13 (IANS): The Assam government has decided to provide financial assistance of up to Rs 5 lakh to one lakh youth of the state this year. The decision was taken in a cabinet meeting on Tuesday night.

After the cabinet meeting, state minister Jayanta Mallabaruah said: "The government has undertaken an ambitious project for the youth of the state. Financial assistance of Rs 2 to 5 lakhs will be given to 1 lakh youth this year under 'Atmanirbhar Assam' scheme. It has been decided to fix the amount of financial assistance based on educational qualification and skills. With this money they will be able to do different types of business."

He also said that if someone is given an assistance of Rs 5 lakh, 50 per cent of it will be given by the state government. The rest will be provided by a particular bank; however, the interest rate will be kept low. Moreover, no interest is to be paid on the money given by the bank for the first five years.

"A portal will be launched for this purpose from September 23 this month. Those who want to go there have to register. Later one lakh youth will be selected through a specific procedure," the minister added.