This is especially for traditional and prospective artisans and rural and urban unemployed youth who get traditional or seasonal employment and remain unemployed the rest of the year To take steps to prevent the migration of rural people to cities to seek employment by giving them stable and sustainable employment.To provide a common ground for the widely dispersed traditional artisans and unemployed youth in both rural and urban areas to come together and create self-employment avenues.To increase the income-earning capacity of artisans and focus on increasing the growth rate of rural and urban employment.To create employment in rural, as well as urban areas in India by setting up new self-employment micro-enterprises or projects.Banks offer financial assistance to set up new micro enterprises/units under PMEGP.The PMEGP has primarily four-fold objectives: Objectives of the Prime Minister’s Employment Generation Programme (PMEGP) How to Check Your PMEGP Application Status.Documents Required to Apply for a PMEGP Loan.approved the extension of the Prime Minister’s Employment Generation Programme (PMEGP) for 5 years from 2021-22 to 2025-26. Note: As per an official statement recently, the Govt. In case service/trading sector units, the working capital component has been capped at 60% of the project cost. In case of manufacturing units, working capital component of the loan cannot exceed 40% of the project cost. The loan facility can be availed in the form of term loan, working capital loan in form of cash credit facility or composite loan for financing both working capital and capital expenditure. 15-35% of the project cost is offered as margin money subsidy under the PMEGP scheme. However, the credit from the bank shall range between 60-75% of the total project cost whereas the rest of the sanctioned component i.e. The Bank sanctions 90% of the project cost in case of General Category of beneficiary and 95% in case of Special Category. The Banks offer funds in form of Term Loan, Working Capital Loan in form of Cash Credit and Composite Loan. Under this scheme, the business owners need to invest only 5%-10% of the project cost while the Government provides a subsidy of 15%-35% of the project based on different criteria. ![]() 25 lakhs to Rs 50 lakhs for manufacturing units. The Government has come up with a few changes to the existing scheme by increasing the maximum project cost from the existing Rs Rs 10 lakh to Rs 20 lakh for service units and Rs. of India, with the help of Banks offers funding assistance to set up new enterprises. Prime Minister Rojgar Yojana (PMRY) and the Rural Employment Generation Programme (REGP) were working along similar lines to generate employment among the youth. Prime Minister’s Employment Generation Programme (PMEGP) is integrated with two earlier schemes, viz. ![]() PMEGP – Credit-linked Subsidy Program for MSMEs PMEGP – Highlights – 2023 Interest Rateīusiness owners, Entrepreneurs, Institutions, MSMEs, Co-operative Societies, Charitable Trusts & Self Help Groups (SHGs)Īt least 8 th class pass and further as per sole discretion of PMEGP
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