A 25% subsidy will be given for the general category in rural areas.
According to MSME, this programme will generate 40 lakh possibilities for long-term employment over five fiscal years.
If you have had a lifelong dream of turning into an entrepreneur but have lacked the resources to arrange investment capital, a central government scheme is here. By 2024, the Indian economy is expected to grow to $5 trillion in size. The expansion of small and medium-sized businesses is crucial for making this goal a reality. The Prime Minister’s Employment Generation Programme (PMEGP) encourages prospective entrepreneurs to launch their businesses.
The Ministry of Micro, Small, and Medium Enterprises (MSME Ministry) manages the Prime Minister’s Employment Generation Programme, a sort of credit-linked subsidy programme. The nodal agency for implementing this programme has been designated as the Khadi Village Industry Commission Nodal Agency (KVIC). At the state level, KVIC, KVIB, and District Industries Centre will implement this plan.
The PMEGP has been extended by the government until 2025–2026. According to the Ministry of Micro, Small, and Medium Enterprises (MSME), this programme will generate 40 lakh possibilities for long-term employment over five fiscal years. This programme has been extended for the duration of the 15th Finance Commission, or from 2021–2022 to 2025–2026.
PMEGP strives to create employment opportunities for young people all around the nation by establishing microbusinesses in industries other than agriculture. The maximum project cost for a manufacturing unit has been increased from the existing Rs 25 lakh to Rs 50 lakh. At the same time, for the service unit, it has been increased from Rs 10 lakh to Rs 20 lakh.
A 25 per cent subsidy will be given for the general category in rural areas. At the same time, this limit is up to 35 percent SC / ST / OBC, Minorities and differently-abled people. Under this scheme, the loan can be taken from any one among 27 banks This includes the State Task Force Committee-approved Sarkari Bank, Kshetriya Gramin Bank, Co-operative Bank, and Private Scheduled Commercial Bank. According to the KVIC website, you can fill out an application on the Central Village Industries Commission’s official website to apply for a loan under this programme. By visiting www.kvic.org.in or kviconline.gov.in/pmegpeportal, you can apply.
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