Hyderabad: The Minority Finance Corporation (MFC), ostensibly, is the only government institution to ensure minorities’ economic progress. The MFC was supposed to provide bank-connected subsidies for auto and car purchases to the jobless youth of the minority community. But unfortunately, since the formation of Telangana state this institution is literally ineffective due to the non-release of funds by the government.
The state government has launched the “Dalit Bandhu” scheme to provide Rs. 10 lacs to each Dalit family. Chief Minister K Chandrasekhar Rao has promised to launch a separate scheme for minorities and other communities.
Under the MFC scheme, about 1.60 lakh applications are pending for the last 4 years. A review of the scheme for the past 6 years indicates that only 13696 persons were provided with subsidies with a total of Rs. 127.63 crore. The numbers of the beneficiaries are woefully inadequate which is a clear indication of the MFC’s failure.
It is alleged that the Minority Welfare officials are least interested in whether or not the state government releases funds to the MFC.
There is no official clarification with regard to 1.60 loan applications which are pending for many years.
The state government had announced that through the MFC the poor jobless Muslim youths will be granted a loan of Rs. 50000 to start their own business and it was claimed that the chief minister has given approval to this scheme. But unfortunately for the past two years, not a single person has been given this loan.