Good News! 40 lakh people will get employment, government extended employment generation program for 5 years

Government extended the deadline of Prime Minister’s Employment Generation Program

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PMEGP: This scheme has been extended for the period of 15th Finance Commission i.e. for five years from 2021-22 to 2025-26. Along with increasing the time limit of this scheme, some more amendments have also been made in it.

Prime Minister’s Employment Generation Program (PMEGP) has been extended till the year 2025-26. A total of Rs 13,554.42 crore will be spent on this. Micro, Small and Medium Enterprises (MSME) The ministry said that this scheme will create sustainable employment opportunities for 40 lakh people in five financial years. This scheme has been extended for the period of 15th Finance Commission i.e. for five years from 2021-22 to 2025-26. PMEGP It aims to provide employment opportunities to the youth across the country through setting up of micro enterprises in non-farm sectors.

Along with increasing the time limit of this scheme, some more amendments have also been made in it. Under this, the maximum project cost for manufacturing units has been increased from the existing Rs 25 lakh to Rs 50 lakh. At the same time, it has been increased from Rs 10 lakh to Rs 20 lakh for service units.

Change the definition of rural area

The definitions of village industries and rural areas have also been changed in PMEGP. Areas falling under Panchayati Raj Institutions will be considered as rural areas. Areas falling under municipal corporations will be considered as urban areas. All the implementing agencies will be allowed to accept and process the applications, even though the application is from rural area to urban area.

Aspirational districts and transgender applicants will be placed in a special category and will be eligible to get more subsidy.

subsidy is available on loan

Under the scheme, special category applicants like Scheduled Caste, Scheduled Tribe, OBC, Women, Transgender, Divyang get subsidy at a higher rate on the loan taken. On the total loan, 25 percent of the project cost in urban areas and 35 percent of the cost in rural areas is subsidized.

For general category applicants, this subsidy is 15 percent of the project cost in urban areas and 25 percent in rural areas.

Now 64 lakh job opportunities have been created

Since its inception in 2008-09, about 7.8 lakh micro enterprises have been given a subsidy of Rs 19,995 crore under PMEGP. This has created an estimated permanent employment for 64 lakh people,

About 80 percent of the aided units are in rural areas and about 50 percent are owned by SC, ST and women categories.

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