Skill, labour and expertise for MSMEs: The variety of jobs created via micro enterprises arrange underneath the Prime Minister’s Employment Generation Programme (PMEGP) hit a report excessive of 8,25,752 in FY22 for the reason that launch of the programme in 2008, MSME Ministry mentioned on Tuesday. Also, the variety of enterprises arrange throughout the 12 months went over 1 lakh to 1,03,219 for the primary time previously 14 years. The new models have been arrange at a complete capital of almost Rs 12,000 crore, of which Rs 2,978 crore margin cash subsidy, the very best since 2008, was disbursed by the programme’s implementing physique Khadi & Village Industries Commission (KVIC) whereas financial institution credit score stream had contributed the remaining almost Rs 9,000 crore.
The progress in new models arrange and employment created underneath PMEGP in FY22 was up by 39 per cent every from FY21, whereas the margin cash distribution (subsidy) had jumped 36 per cent. “PMEGP has emerged as government’s most powerful tool of self-sustainability in the year 2021-22, even as the country was under partial lockdown for the first three months of the year during the second wave of Covid-19 pandemic,” the ministry mentioned.
Moreover, from FY15, when Bharatiya Janata Party was voted to energy and Narendra Modi was sworn in because the Prime Minister of India, the variety of new PMEGP models created had elevated by 114 per cent whereas employment creation was up 131 per cent in FY22. The margin cash distribution additionally jumped 165 per cent.
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“This big thrust to local manufacturing and self-employment in wake of the Covid-19 pandemic has done wonders. A large number of youths, women and migrants were prompted to take up self-employment activities under PMEGP. Further, a slew of policy decisions taken by the Ministry of MSME and KVIC to expedite the execution of projects under PMEGP helped KVIC achieve its best-ever performance,” mentioned KVIC Chairman Shri Vinai Kumar Saxena.
To promote entrepreneurship and generate employment via monetary help to people, PMEGP affords most help of Rs 25 lakh for establishing new manufacturing models and Rs 10 lakh for brand spanking new service models. The scheme permits any particular person, above 18 years of age and at the least VIII grade move, to use for help. Self-help teams, manufacturing co-operative societies, charitable trusts and many others., are additionally eligible, nonetheless, present models underneath different authorities schemes akin to Pradhan Mantri Rozgar Yojana, Rural Employment Generation Programme, and many others., and models which have already availed authorities subsidy underneath every other scheme should not eligible for PMEGP.
Source: www.financialexpress.com”