Kerala Launches ‘Shubhayatra’ Scheme to Support First-Time Overseas Emigrants

Kerala Launches 'Shubhayatra' Scheme to Support First-Time Overseas Emigrants
Kerala Launches 'Shubhayatra' Scheme to Support First-Time Overseas Emigrants

Embarking on a groundbreaking path, the government of Kerala has unveiled the transformative ‘Shubhayatra’ scheme. With a resolute aim to establish a supportive framework for first-time overseas emigrants hailing from the state, this visionary initiative intends to nurture a constructive ecosystem for productive migration.

The cornerstone of the ‘Shubhayatra’ scheme lies in its provision of substantial financial assistance, including an attractive interest subvention, and a six-month tax holiday. With a potential financial aid of up to ₹2 lakh, the program endeavors to alleviate the financial burdens associated with the process of seeking overseas employment.

A holistic solution addressing the financial challenges encountered by aspiring emigrants, the scheme introduces a distinctive element known as the ‘foreign employability skilling assistant.’ This feature extends a soft loan to cover preparatory migration expenses, the quantum of which is proportionate to the salary offered by the recipient country’s employer.

To orchestrate the seamless execution of the ‘Shubhayatra’ scheme, the state government has forged partnerships with nationalized and scheduled banks. These esteemed institutions will play a pivotal role in disbursing soft loans to eligible candidates, further enhanced by financial support for interest subvention and the provision of a six-month tax holiday.

An allocation of ₹2 crore in the current fiscal year underscores the Kerala government’s dedication to supporting the ‘Shubhayatra’ scheme. The twin pillars of tax holidays and interest subvention intend to relieve the financial encumbrances on debutant emigrants, thereby fostering a climate conducive to elevated standards of professional migration from the state.

Beneficiaries of the soft loan component shall enjoy a generous repayment grace period extending up to three years. This flexible repayment structure aims to smooth the transition for emigrants, allowing them to concentrate on establishing their overseas careers without immediate financial constraints.

The ‘Shubhayatra’ scheme stands poised to significantly enhance the caliber of professional migration originating from Kerala. Given Kerala’s prominent position as India’s foremost recipient of remittances, the economic interplay with its emigration history is evident. Thus, the establishment of a supportive and productive framework for affordable and high-quality migration assumes paramount significance for the sustained development of the state.

Chief Minister of Kerala: Pinarayi Vijayan