A 25% grant will be awarded for the general rural category.
According to MSME, this program will generate 40 lakh long-term job opportunities over five fiscal years.
If you’ve always dreamed of becoming an entrepreneur but don’t have the resources to arrange investment capital, a central government program is there. By 2024, India’s economy is expected to reach $5 trillion. The expansion of small and medium enterprises is crucial to making this goal a reality. The Prime Minister’s Job Creation Program (PMEGP) encourages potential entrepreneurs to start their business.
The Ministry of Micro, Small and Medium Enterprises (Ministry of MSMEs) runs the Prime Minister’s Job Creation Scheme, a kind of credit-linked grant scheme. The nodal agency for the implementation of this program has been designated as the Nodal Agency of Khadi Village Industry Commission (KVIC). At the state level, KVIC, KVIB and District Industries Center 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 (MSMEs), this program will generate 40 lakh long-term job opportunities over five fiscal years. This program has been extended for the duration of the 15th Finance Committee, i.e. from 2021-2022 to 2025-2026.
PMEGP strives to create employment opportunities for young people throughout the country by creating micro-enterprises in sectors other than agriculture. The maximum project cost for a crafting unit has been increased from Rs 25 lakh to Rs 50 lakh. At the same time, for the service unit, it has increased from Rs 10 lakh to Rs 20 lakh.
A 25% grant will be awarded for the general rural category. At the same time, this limit is 35% SC / ST / OBC, Minorities and people with disabilities. Under this program, the loan can be taken out with one of the 27 banks. This includes Sarkari Bank, Kshetriya Gramin Bank, Co-operative Bank and Private Scheduled Commercial Bank, approved by the State Task Force Committee. According to the KVIC website, you can fill out an application on the official website of the Central Village Industries Commission to apply for a loan under this program. By visiting www.kvic.org.in or kviconline.gov.in/pmegpeportal, you can apply.
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