Ease of Doing Business for MSMEs: Prime Minister Narendra Modi on Thursday launched new options of the federal government’s employment technology scheme Prime Minister’s Employment Generation Programme (PMEGP) to reinforce MSMEs’ capability for job creation. The most value admissible for monetary help to entrepreneurs has been elevated from present Rs 25 lakh to Rs 50 lakh for organising new manufacturing items and from present Rs 10 lakh to Rs 20 lakh for organising new service items. Moreover, PMEGP candidates from Aspirational districts and transgenders would now be handled because the Special Category candidates to be entitled to increased subsidies.
Addressing the Udyami Bharat programme, PM Modi additionally famous that handholding assist shall be provided to entrepreneurs by the engagement of banking, technical and advertising consultants. “The support has now been doubled. PMEGP was launched during the recession period in 2008. The earlier government had claimed of creating lakhs of jobs in the following four years. However, it couldn’t even reach the halfway mark. In 2014, we revised the target, brought in new processes, and despite the Covid period, over 40 lakh jobs have been created since 2014 through MSMEs under PMEGP. During this period, Rs 14,000 crore worth of margin money subsidy was provided to MSMEs,” PM Modi stated.
Importantly, the brand new options launched by PM Modi had been introduced by the federal government in May 2022.
Meanwhile, PMEGP jobs created had hit a report excessive of 8,25,752 in FY22, the MSME Ministry had stated in April this yr. Also, the variety of enterprises arrange through the yr jumped over 1 lakh to 1,03,219 for the primary time previously 14 years. The progress in items set-up 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.
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PM Modi additionally highlighted Rs 19-lakh-crore credit score given to Mudra scheme beneficiaries to date together with 7 crore first-time entrepreneurs. Moreover, out of round 36 crore loans given underneath the Mudra scheme, round 70 per cent have been to ladies entrepreneurs. On the Udyam registration portal as nicely, round 18 per cent of the registered MSMEs are led by ladies, he added.
The Prime Minister additionally urged extra MSMEs to register on the Government e-Marketplace (GeM) portal. “Government is a large buyer and most of the things needed are produced by MSMEs…Why can’t we have 3-4 crore sellers instead of the current 40-50 lakh so that the government also has more choice in terms of sellers to buy products. MSMEs should maximise the benefits of selling on GeM,” PM Modi stated.
Among different initiatives, Rs 6,062.45-crore World Bank assisted central authorities programme for MSMEs — RAMP and the ‘Capacity Building of First-Time MSME Exporters’ (CBFTE) scheme to spice up the standard of MSME merchandise to match worldwide requirements had been additionally launched by PM Modi.
Source: www.financialexpress.com”