West Bengal Chief Minister Mamata Banerjee had launched the scheme in October, last year.
Replying to a question, Basu said that the state government had already spent over Rs 74 crore for the scheme.
Replying to supplementary questions, Basu said that the state government would extend the Scheme's coverage by including a large number of youths registered with the state Employment Bank.
Out of 22 lakh youths, registered with the state Employment Bank, 16 lakh have already been identified for their inclusion in the Yuvashree scheme.
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The State Labour Department had made a comprehensive list of 100,000 beneficiaries based on several criteria like education (those who have passed at least eighth standard) and age group (beneficiaries must be in the age group of 18 to 45 years).
The beneficiaries had been chosen from those who have registered their names in the employment bank portal, launched earlier by the government.
The recipients of the allowance are required to use it for training, vocational or otherwise, which will make them fit for employment, the minister says.